REG - Griffin Mining Ld - CAPITAL SHARE STRUCTURE RATIONALIZATION PROGRAM

Griffin MiningAnnouncement

30/12/2022 07:00

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RNS Number : 2592L  Griffin Mining Ld  30 December 2022

 

8th Floor, Royal Trust House, 54-56 Jermyn Street, London. SW1Y 6LX, United Kingdom
Telephone: + 44 (0)20 7629 7772  Facsimile:  + 44 (0)20 7629 7773

E mail: griffin@griffinmining.com (mailto:griffin@griffinmining.com)

 

 

Capital Share Structure Rationalization & Incentivization Program

 

30(th) December 2022

 

 

Griffin Mining Limited ("Griffin" or the "Company") is pleased to announce a
rationalization of the capital structure of the Company by the proposed
repurchasing and cancellation of the long outstanding options over shares in
the Company issued in 2014 and 2015 (the "Options") exercisable at forty pence
and thirty pence per share respectively by 31(st) December 2023.

 

In consideration of the surrender of the Options, a number of fully paid
shares in the Company will be issued to those Option holders equal to the
inherent monetary value in the Options (the "Scheme"). As those Options were
issued by the Company to incentivize the Option holders in the pursuit of the
new mining licence over Zone II, which was granted in January 2021, and the
fully diluted share capital of the Company has included the Options, the
Scheme is being implemented to simplify the capital structure of the Company.

 

Should all the Option holders agree to the Scheme, the number of Options
cancelled by the Company will amount to 19.52 million Options. At the market
closing price of the Company's shares as at 24(th)  December 2022, if all
Option holders accepted the Scheme offer, approximately 11.165 million new
fully paid ordinary shares would be issued. The exact number of new shares
issued will be announced after ascertaining which and how many Option holders
accept the Scheme.

 

The offer to the Option holders to accept the Scheme will remain open for 14
days following the date of this announcement.

 

A new Company share incentive plan will also be implemented to retain vital
key executives of the Company, in particular, Mladen Ninkov. Up to 10 million
new fully paid ordinary shares may be issued which will be escrowed until the
31(st) December 2024. Further details of the share incentive plan including
the exact number of shares issued will also be announced when finalised.

 

In both above new share issues, at no time will the aggregate number of total
shares issued under the Scheme and the Management incentive plan ever exceed
the current total of 19.52 million outstanding Options in issue and, as such,
the share issues will be non-dilutive to the current shareholders of the
Company assuming all current outstanding Options were exercised before their
expiry date.

 

 

Chairman of the Remuneration Committee, Dean Moore, commented, "I am pleased
that the Board has adopted the recommendations of the Remuneration Committee
designed to deliver a reward structure which wholly aligns the interests of
key management with all stakeholders over the next 2 years."

 

 

 

About Griffin Mining Limited

 

Griffin Mining Limited's shares are quoted on the Alternative Investment
Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited
owns and operates through its 88.8% owned Joint Venture in China the
Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and
lead metals in concentrates. For more information, please visit the Company's
website griffinmining.com.

 

 

 

Further information

 

Griffin Mining Limited

Mladen Ninkov -
Chairman
Telephone: +44(0)20 7629 7772

Roger Goodwin - Finance Director

 

Panmure Gordon (UK)
Limited
Telephone: +44 (0)20 7886 2500

             John Prior

             Dougie McLeod

 

Berenberg
                                                                                    Telephone: +44(0)20
3207 7800

                Matthew Armitt

Jennifer Wyllie

Deltir Elezi

 

BlytheRay

                Tim Blythe
 
Telephone: +44(0)20 7138 3205

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014

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