Amara Mining plc: Grant of Options
11.01.2013 | Marketwire
LONDON, 01/11/13 - Amara Mining plc, (AIM: AMA)(TSX: AMZ) the dual AIM and TSX-listed West African focused gold mining company, announces the grant of 5,752,020 options over ordinary shares of one penny each in the Company ("the Options") to employees on 10 January 2013 ("the Grant Date"), in accordance with the terms of its employee share scheme.The Options may be exercised between the third and the tenth anniversary of the Grant Date and are exercisable at a price of 59.25p per share, being the closing midmarket price on 9 January 2013.
The Options represent 3.4% of the Company's issued share capital and were awarded to a number of senior employees in the Company, including the following Executive Directors:
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Number of Options Total Options Held
Name Position Awarded Following Award
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John McGloin Executive Chairman 319,520 2,000,000
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Chief Executive
Peter Spivey Officer 1,250,000 1,750,000
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Pete Gardner Finance Director 1,250,000 1,750,000
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Total 2,819,520 5,500,000
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Following the appointment of a Group Human Resources Manager, Amara conducted a review of its Human Resources policy and decided to increase its use of equity as a tool to incentivise senior staff. Amara's Board believes that the award of options supports the Company's policy of motivating and retaining senior staff, whilst aligning their interests with the interests of shareholders.
Following the grant of the Options, the total number of options outstanding over ordinary shares is 15,753,000, representing 9.4% of the Company's issued share capital. The grant of the Options is subject to approval by the Toronto Stock Exchange.
About Amara Mining plc
Amara (formerly Cluff Gold) is a gold developer-producer with assets in West Africa. The Company generates significant cash flow through its Kalsaka gold mine in Burkina Faso, where the production profile has been enhanced by the recent acquisition of the neighbouring Sega project. Amara remains focused on its objective of becoming a mid-tier producer through the development of its Baomahun project in Sierra Leone and its Yaoure project in Cote d'Ivoire. With its experience of bringing new mines into production and a project pipeline spanning Burkina Faso, Cote d'Ivoire and Mali, Amara aims to further increase its production profile with its highly prospective exploration work across all assets.
This report includes certain "forward-looking information" within the meaning of applicable Canadian securities legislation.
All statements other than statements of historical fact included in this report, including, without limitation, the positioning of the Company for future success, statements regarding exploration, production estimates and future objectives of Amara, are forward-looking information that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Amara's expectations include, among others, risks related to international operations, the actual results of current exploration and drilling activities, the results of the Baomahun feasibility study, changes in project parameters as plans continue to be refined as well as the future price of gold. Although Amara has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Amara does not undertake to update any forward-looking statements that are included herein, except in accordance with applicable securities laws.
Contacts:
Amara Mining plc
Catherine Apthorpe, Company Secretary
Katharine Sutton, Head of Investor Relations
+44 (0)20 7398 1420
Canaccord Genuity Limited
(Nominated Adviser & Broker, London)
Rob Collins / Sebastian Jones / Joe Weaving
+44 (0)20 7523 8350
Pelham Bell Pottinger
(Financial Public Relations)
Charlie Vivian / Lorna Spears / James Macfarlane
+44 (0)20 7861 3232