Jangada Mines PLC Award of Share Options (1227W)

TIDMJAN

RNS Number : 1227W

Jangada Mines PLC

09 December 2019

Jangada Mines plc / EPIC: JAN.L / Market: AIM / Sector: Mining

9 December 2019

Jangada Mines plc

('Jangada' or the 'Company')

Award of Share Options

Jangada Mines plc, a natural resources company, notes its Remuneration Committee has agreed to the following share option awards over ordinary shares of GBP0.0004 each in the Company ("Ordinary Shares") in order to motivate and retain certain existing Directors, employees and consultants of the Company:

-- 7,500,000 share options, in aggregate, to be granted to two of the Directors (Louis Castro and Nick Von Schirnding), and a consultant of the Company (the "Director/Consultant Options"), pursuant to the Jangada plc Share Option Scheme (the "Scheme"); and

-- 1,500,000 share options, in aggregate, to be granted to certain mid-level employees of the Company, pursuant to the Scheme.

All options granted have an exercise price of GBP0.02 per share option, which is an approximate 14 per cent. premium to the closing mid-market price of an Ordinary Share on 6 December 2019, and an expiry date of 31 December 2024.

As part of the award of the Director/Consultant Options, all of the individuals concerned, together with the other Directors of the Company who not receiving new share options, are surrendering their existing holdings of share options, which total, in aggregate, 8,000,000 share options. These share options were awarded at the time of the Company's IPO on AIM in June 2017, had an exercise price of 5 pence per share option, and an expiry date of 31 December 2019. All other options currently outstanding in the Company, which total, in aggregate, 7,250,000, were on the same terms and are therefore expected to expire unexercised on 31 December 2019.

Following the issue of the abovementioned 9,000,000 share options, and the surrender of the Director/Consultant Options, the share options held by the other members of the Board, and the expected expiry unexercised of all other outstanding options, the Company will have in issue a total of 9,000,000 share options, which equates to approximately 4% of its existing share capital being under option.

Breakdown of Ordinary Share holding and share options issued to Directors:

 
                                                                             Director/Consultant 
                                                                            Options granted (and 
                                                      Holding of              total share option 
 Director                                        Ordinary Shares                        holding) 
-------------------------  -------------------------------------  ------------------------------ 
 Brian McMaster                                       53,844,467                               - 
 Luis Azevedo                                         52,666,667                               - 
 Nicholas von Schirnding                                       -                       3,000,000 
 Louis Castro                                                  -                       3,000,000 
 

ENDS

For further information please visit www.jangadamines.com or contact:

 
 Jangada Mines plc         Brian McMaster (Chairman)   Tel: [phone] 
                                                        6629 
 
 Strand Hanson Limited     James Spinney               Tel: [phone] 
  (Nominated & Financial    Ritchie Balmer              3494 
  Adviser)                  Jack Botros 
 
 
 Brandon Hill Capital      Jonathan Evans              Tel: [phone] 
  (Broker)                  Oliver Stansfield           5000 
 
 St Brides Partners        Isabel de Salis             Tel: [phone] 
  Ltd                       David Penson                1177 
  (Financial PR) 
 

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December 09, 2019 02:00 ET (07:00 GMT)