TIDMRMM
RNS Number : 5570H
Rambler Metals & Mining PLC
18 August 2016
18 August 2016
Rambler ImpLements NEW Stock Option Plan
London, United Kingdom & Newfoundland and Labrador, Canada -
Rambler Metals and Mining PLC (TSXV: RAB, AIM: RMM) ('Rambler' or
'The Company') today announced the implementation of a new 10 per
cent fixed compensation incentive stock option plan (the 'New
Plan') under which Rambler may grant up to 37,894,969 options to
acquire ordinary shares in the capital of the Company.
Pursuant to the Company's amended stock option plan dated 6
August 2010 (the 'Old Plan'), stock options to acquire up to
3,534,000 ordinary shares in the capital of the Company remain
outstanding. Under the New Plan and Old Plan together, 41,428,969
stock options to acquire ordinary shares in the capital of the
Company may be granted.
Purpose
The purpose of the Plan is to advance the interests of the
Company by providing to the directors, senior officers and
Employees of the Company and its Subsidiaries and Consultants a
performance incentive for continued and improved service with the
Company and its Subsidiaries and by enhancing such Persons'
contribution to increased total shareholder return by encouraging
share ownership.
Grant of Options
Subject to the provisions of the New Plan, the Board of
Directors and Administrators shall determine the exercise price of
each Option, the expiration date of each Option and any other terms
and conditions relating to each Option; provided, however, that the
exercise price of each Option shall not be less than the Fair
Market Value. Fair Market value, as define by the New Plan, is the
volume weighted average trading price on the TSXV for the five
trading days immediately prior to the date of grant.
Pursuant to the UK Companies Act (2006) the exercise price must
also not be less than 1p per Ordinary Share and, pursuant to the
TSXV Corporate Finance Manual, the exercise price must also not be
less than the Discounted Market Price.
If Options are granted within 90 days of a Distribution by a
prospectus, the minimum exercise price of those Options shall be
the greater of the Discounted Market Price and the per share price
paid by the public investors for the Ordinary Shares acquired under
the Distribution, in accordance with TSXV Corporate Finance
Manual.
If the exercise price of an Option is at a discount to the
Market Price, all Options and any Ordinary Shares issued pursuant
to the exercise of Options exercised prior to the expiry of the
Exchange Hold Period (as such term is defined in the TSXV Corporate
Finance Manual) must be legended with the Exchange Hold Period
commencing on the date the Options were granted.
The Board cannot grant Options during a Close Period unless
permitted by the AIM Rules and in the opinion of the Board the
circumstances for allowing such grant are exceptional.
As at the date of this announcement, no grant of options has
been made under the New Plan.
Term of Option
Options shall be exercisable up to ten (10) years from the date
of grant or less as determined by the Board of Directors and
Administrators.
Further Details
The New Plan has received TSX Venture Exchange approval.
A copy of the New Plan will be filed on SEDAR
(www.sedar.com).
All capitalised terms used in this notice shall bear the same
meaning as the capitalised and defined terms used in the New
Plan.
ABOUT RAMBLER METALS AND MINING
Rambler is a mining and development company that in November
2012 brought its first mine into commercial production. Rambler has
a 100 per cent ownership in the Ming Copper-Gold Mine, a fully
operational base and precious metals processing facility and year
round bulk storage and shipping facility; all located on the Baie
Verte peninsula, Newfoundland and Labrador, Canada.
Rambler's immediate plans are to increase mine and mill
production to 1,250 mtpd by the end of Fiscal 2017. This initial
expansion has been fully funded through CEII's investment. Rambler
will also continue advancing engineering studies on
ore-pre-concentration (DMS) and shaft rehabilitation with a view to
further increase production to 2,000 mtpd at the Ming Mine. In
addition, Rambler has initiated a detailed investigation at the
mill with a goal to increase gold recovery and production rate in
the copper concentrator.
Along with the Ming Mine, Rambler also owns 100 per cent of the
former producing Little Deer/ Whales Back copper mines and has
strategic investments in the former producing Hammerdown gold mine
and the advanced Valentine Lake Gold Project.
Rambler is dual listed in London under AIM:RMM and in Canada
under TSX-V:RAB.
For further information, please contact:
Norman Williams, Peter Mercer Stewart Dickson
CPA,CA Vice President, /
President and Corporate Secretary Patrick Pittaway/
CEO Rambler Metals David Porter
Rambler Metals & Mining Plc Cantor Fitzgerald
& Mining Plc Tel No: +44 (0) Europe
Tel No: 709-800-1929 20 8652-2700 Tel No: +44 (0)
Fax No: 709-800-1921 Fax No: +44 (0) 20 7894 7000
20 8652-2719
Website: www.ramblermines.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Caution Regarding Forward Looking Statements:
Certain information included in this press release, including
information relating to future financial or operating performance
and other statements that express the expectations of management or
estimates of future performance constitute "forward-looking
statements". Such forward-looking statements include, without
limitation, statements regarding copper, gold and silver forecasts,
the financial strength of the Company, estimates regarding timing
of future development and production and statements concerning
possible expansion opportunities for the Company. Where the Company
expresses or implies an expectation or belief as to future events
or results, such expectation or belief are based on assumptions
made in good faith and believed to have a reasonable basis. Such
assumptions include, without limitation, the price of and
anticipated costs of recovery of, copper concentrate, gold and
silver, the presence of and continuity of such minerals at modeled
grades and values, the capacities of various machinery and
equipment, the availability of personnel, machinery and equipment
at estimated prices, mineral recovery rates, and others. However,
forward-looking statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by
such forward-looking statements. Such risks include, but are not
limited to, interpretation and implications of drilling and
geophysical results; estimates regarding timing of future capital
expenditures and costs towards profitable commercial operations.
Other factors that could cause actual results, developments or
events to differ materially from those anticipated include, among
others, increases/decreases in production; volatility in metals
prices and demand; currency fluctuations; cash operating margins;
cash operating cost per pound sold; costs per ton of ore; variances
in ore grade or recovery rates from those assumed in mining plans;
reserves and/or resources; the ability to successfully integrate
acquired assets; operational risks inherent in mining or
development activities and legislative factors relating to prices,
taxes, royalties, land use, title and permits, importing and
exporting of minerals and environmental protection. Accordingly,
undue reliance should not be placed on forward-looking statements
and the forward-looking statements contained in this press release
are expressly qualified in their entirety by this cautionary
statement. The forward-looking statements contained herein are made
as at the date hereof and the Company does not undertake any
obligation to update publicly or revise any such forward-looking
statements or any forward-looking statements contained in any other
documents whether as a result of new information, future events or
otherwise, except as required under applicable security law.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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August 18, 2016 06:17 ET (10:17 GMT)
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