GRANT OF DIRECTOR OPTIONS
MetalNRG plc (ISDX:MNRG) the natural resource investing company quoted on London's ISDX stock trading platform is pleased to confirm that the director share options (the "Options") originally included in the Company's circular dated 11 February 2016 and for which shareholder approval was sought and received, have now been granted to the three directors of the Company.
In total 10m Options have been allocated as follows:
The Options vest immediately, are valid for 3 years from today's date and have an exercise price of 0.50p.
Based on today's issued share capital the Options, if exercised in full, would equate to approximately 12.93 per cent of the then enlarged share capital.
The pricing of the Options was set in February 2016 at 0.50p per share. This represented a discount of 60% to the ISDX platform share price on 11 February 2016, being the date of issue of the circular to shareholders. However the Options were priced at a 90% premium to the 0.2628p at which the Metal Tiger plc investment (19,027,268 shares issued to Metal Tiger plc 11.3.16) was agreed, which itself was set to match the net asset value per share at the date the transaction was agreed in February 2016.
The option agreements have an additional bonus option element in order to encourage early option conversion and this outlined below.
In the event that all or part of such Options are exercised before the 1st anniversary from the date of grant, then the holder shall receive, upon exercise of each Option, one new ordinary share in addition to one new bonus option with an exercise price of 0.75 pence each, expiring on the same date as the original Option; or
In the event that all or part of such Options are exercised after the 1st anniversary but before the 2nd anniversary from the date of grant, the holder shall receive, upon exercise, one new ordinary share in addition to one-half of a new bonus option with an exercise price of 0.75 pence each, expiring on the same date as the original Option.
The Directors of the Company take responsibility for the content of this announcement.
For further information contact:
01604 845 551
Cairn Financial Advisers LLP
James Caithie / Liam Murray
020 7213 0880
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