LONDON - Great Western Mining Corporation PLC (AIM:GWMO) granted 7.5 million share options to directors and staff today under its Share Option Plan 2014, according to a press release statement.
The board approved the share option awards today with an exercise price of 2.10 pence per share, based on the average closing price for the preceding ten days. The options have a seven-year term and vest immediately, with exercise subject to performance conditions requiring a minimum 50% increase in the share price.
Executive Chairman Brian Hall received 2 million options, bringing his total holdings to 2.57 million options. Operations Director Robert O’Connell and Finance Director Max Williams each received 2 million options, increasing their holdings to 2.57 million options each. Directors Gemma Cryan, Alastair Ford and Andrew Hay each received 500,000 options, bringing their individual holdings to 635,000 options.
Great Western has 411,832,131 ordinary shares in issue. Prior to today’s grant, the company had 6.12 million share options outstanding with exercise prices ranging from 8.0 pence to 26.0 pence per share. The company also has 315,335,713 warrants outstanding with exercise prices between 1.0 pence and 2.0 pence per share.
The share options were granted off-market under the company’s established share option plan.
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