Toro Energy Limited - Proposed Issue Of Unlisted Options
12.01.2011 | ABN Newswire
16:33 AEST Jan 12, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Toro Energy Limited (ASX: TOE) (\'TOE\' or \'the Company\') hereby provides notice to the ASX that on the 12 January 2011 it has granted to director\'s 6,000,000 unlisted options to acquire shares in the company subject to shareholder approval.
The options have been granted as a key component of director\'s remuneration in order to retain their services and provide incentive linked to the performance of the Company.
In accordance with Listing Rule 3.10.3, the Company provides the following details of the options:
Class of Securities: Unlisted Options
Number to be issued: 6,000,000
Principal Terms of the Securities:
- For 5,000,000 options the Exercise Price will equal the prevailing market price on the day of issue (being the date of shareholder approval) plus a premium of 37.5% (but not less than A$0.22).
- For 1,000,000 options the Exercise Price will equal the prevailing market price on the day of issue (being the date of shareholder approval) plus a premium of 87.5% (but not less than A$0.30).
- The exercise period for all options commences on the day of issue and ends on 11 January 2016.
Issue Price: NIL
Purpose of the Issue: Key component of remuneration.
Shareholder Approval: The Company will seek shareholder approval at a General meeting to be held in the future.
Issue to Class: The issue is not being made to a class of security holders.
About Toro Energy Limited:
Toro Energy Limited (ASX:TOE) (PINK:TOEYF) is a modern Australian uranium company with progressive project development, acquisition and growth. The company is based in Adelaide, South Australia with a project office in Perth, Western Australia.
Toro's flagship and wholly-owned Wiluna uranium project (includes existing mining lease) is 30 kilometres southeast of Wiluna in Central Western Australia.
Wiluna contains two shallow calcrete deposits, Lake Way and Centipede, with prefeasibility and optimisation studies completed and a definitive feasibility study underway. Toro has commenced the Approvals process targeting the Company's first uranium production by late 2012/early 2013.
Toro has three other exploration and development projects in Western Australia, and owns uranium assets in Northern Territory, South Australia and in Namibia, Africa. Toro is well funded with a supportive major shareholder in OZ Minerals.
Contact:
Toro Energy Limited
Donald Stephens
Company Secretary
Tel: +61-8-9214-2100
Fax: +61-8-9226-2958
info@toroenergy.com.au
http://www.toroenergy.com.au