Griffin Mining Ld EXTENSION OF SHARE PURCHASE OPTIONS (9456H)

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RNS Number : 9456H

Griffin Mining Ld

20 November 2018

Griffin Mining Limited

8(th) Floor, 54 Jermyn Street, London, SW1Y 6LX. United Kingdom

Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773

E mail: [e-mail]

Extension of Share Purchase Options

20(th) November 2018

Griffin Mining Ltd ("the Company") is pleased to announce, with the unanimous agreement of all the issued option holders, the extension of the exercise periods of share purchase options over:

   1.   4,350,000 new ordinary shares (vested) exercisable at 40 pence per new ordinary share; and 
   2.   10,732,500 new ordinary shares (vested) exercisable at 30 pence per new ordinary share; and 

3. 6,666,667 new ordinary shares (currently not vested) exercisable at 30 pence per new ordinary share

from 31(st) December 2018 in respect of the options exercisable at 40 pence per share and 31(st) December 2020 in respect of the options exercisable at 30 pence per share, to the 31(st) December 2022.

This will prevent the need in the short-term for the majority of the option holders, once exercising their options, to sell a significant portion of the resulting shares to meet the associated subscription costs and personal income tax liabilities imposed on such exercise.

Within the above the following persons discharging management responsibility have agreed to the extension of options in which they have an interest.

 
 Name                 Number of options   Number of options   Number of options 
                         exercisable at      exercisable at      exercisable at 
                           40 pence per        30 pence per        40 pence per 
                           new ordinary        new ordinary        new ordinary 
                                 share.       share. Vested     share. Unvested 
                             All vested 
 Roger Goodwin 
  Finance director              500,000           1,000,000             500,000 
                     ------------------  ------------------  ------------------ 
 Dal Brynelsen 
  Director                            -             600,000             300,000 
                     ------------------  ------------------  ------------------ 
 Rupert Crowe 
  Director                            -             600,000             300,000 
                     ------------------  ------------------  ------------------ 
 Adam Usdan 
  Director                            -                   -           1,166,666 
                     ------------------  ------------------  ------------------ 
 Mark Hine 
  Chief operating 
  Officer                             -             125,000             125,000 
                     ------------------  ------------------  ------------------ 
 

Further information

Griffin Mining Limited

   Mladen Ninkov - Chairman                               Telephone: [phone] 

Roger Goodwin - Finance Director

   Panmure Gordon (UK) Limited                                   Telephone: [phone] 

Dominic Morley

Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM).

The Company's news releases are available on the Company's web site: www.griffinmining.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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November 20, 2018 10:20 ET (15:20 GMT)