African Copper, the company which is developing Mowana mine, said it has awarded options to members of its executive management team and to some non executive directors of the company.
In a circular on its website, the AIM and Botswana quoted copper producer said on 12 July 2011 it granted 17,150,000 options over ordinary shares in the capital of the company under the African Copper Unapproved Share Option Plan.
“The options have a maximum term of 10 years and are exercisable as to 40 percent immediately with the balance exercisable as to 20 percent on each of the next three annual anniversaries of the awards,” the company said.
The options were granted at an exercise price of 3.13 pence per share, being the closing mid-market price on the day preceding the awards.
The executive team and directors of the company awarded the options are David Rodier (Non-executive Chairman) 500, 000, R D Corrans (Non-executive Director) 500, 000, Prof S Simukanga (Non-executive Director) also with 500, 000.
Jordan Soko (Interim Chief Executive Officer) was granted 2,500,000 while Brad Kipp (Chief Financial Officer) also got 2,500,000.
Various executive team members have 10,650,000 and when combined it means 17,150,000. African Copper’s current issued share capital is 928,798,988.
African Copper’s flagship project is the copper producing open pit Mowana Mine and it also operates the Thakadu copper mine. Both deposits are situated on the highly prospective Matsitama belt, located close to Botswana’s second largest city, Francistown, in the north-eastern part of the country.
