Metal Tiger plc
("Metal Tiger" or the "Company")
Grant of Options to Chairman
As announced on 15 September 2014, Metal Tiger Chairman, Terry Grammer, joined the board of the Company. In line with the Company appropriately incentivising directors, while maintaining tight control on the Company's overheads and cost base, the Board of Metal Tiger announces the grant of 3,335,000 options to subscribe for new ordinary shares in the Company (the "Management Options") to Terry Grammer.
The Management Options vest immediately and the key terms are as follows:
· exercise price of 1.5p per option;
· exercise period of three years from 15 December 2014; and
· unexercised options lapse if the option holder leaves the Company.
The exercise price represents a premium of 82% to the closing mid-market price of 0.825p as at 12 December 2014 (being the business day prior to the Management Options being granted).
The Management Options, which have been granted as unapproved share options, issued to Terry Grammer (Non-Executive Chairman) represent 1.33% of the current issued share capital of the Company.
Terry Grammer is a founding director and shareholder of Black Star Gold Pty Ltd ("BlackStar"), holding 3,000,000 shares representing approximately 15.09 per cent. of BlackStar's issued share capital. BlackStar holds 19,880,000 shares in the Company representing 10.82 per cent. of Metal Tiger's issued share capital and 40,000,000 warrants.
Following the grant of these Management Options the total number of options issued to directors for new Ordinary Shares is 11,675,000, which represent 4.66% of the current issued share capital.
For further information on the Company, visit: www.metaltigerplc.com or contact:
Tel: +44 (0)207 099 0738
Tel: +44 (0)7766 465 617
Allenby Capital Limited
Tel: +44 (0) 20 3328 5656
Tel: +44 (0) 1483 413 500
This information is provided by RNS