Two Sierra Leonean share holders in Sierra Rutile Limited (SRL) have increased their shares in the mining company when the announcement was made few days ago.
The announcement from Sierra Rutile Limited stated that, following the end of its close period on 28 April 2014, it has issued new ordinary shares to directors pursuant to the exercise of share options granted under the terms of Sierra Rutile’s Share Option Plan. The share options, exercised on 2nd May 2014, were satisfied by the issue of new ordinary shares equal to the difference between the market value of an ordinary share and the exercise price of the share options without the directors being required to remit the exercise price. The number of new ordinary shares issued to directors who have exercised their share options is as follows:
Jan Castro who is the Chairman of SRL with a number of share option exercised was 375,000 and the number of new ordinary shares issued 252,049. Consequently, the shareholdings of him now are 2,579,299 numbers of ordinary shares with a percentage of issued share capital of 0.50%.
The Chief Executive Officer John Bonoh Sisay with a number of share option exercised was 4,630,000, and the number of new ordinary shares issued is 3,111,967, which is 0.60%.
Sierra Leonean Director of SRL Mr Alex Kamara too had 750,000 numbers of share options and the new ordinary shares issued are 504,098 giving him a percentage of 0.10% in the company.
Other Directors who increased their shares are Michael Brown from 250,000 to 453,032, a percentage of 0.09%. Mr Charles Entrekin who had 1,000,000 share options exercised was issued 672,131 new ordinary shares. His number of ordinary share increase to 730,972 with a 0.14%.
Martin Buttenshaw with 125,000 number of share options had 99,385 new ordinary shares issued. His number of ordinary shares is now 177,452 which is 0.03%.
Under the Directors Share Ownership Policy adopted by the Sierra Rutile’s Board in 2013, Directors are expected to build up and hold shares in Sierra Rutile, including by retaining shares acquired pursuant to share incentive awards. The acquisition of shares by Directors pursuant to the exercise of share options is intended to align them with the interests of shareholders. Under the policy, directors may sell shares as is necessary to pay for their tax liability arising from the exercise of share options.
A further 888,337 new ordinary shares have been issued pursuant to the exercise of share options by other share option holders. As at the date of this announcement, following the exercise of share options and share issuances, Sierra Rutile’s total issued share capital is 520,596,416 ordinary shares and the total outstanding vested and unvested share options are 17,495,833 share options.
Sierra Rutile produces titanium feedstock industrial minerals (primarily rutile, with some associated ilmenite), as well as smaller quantities of zircon. Sierra Rutile’s mine, located in the south west of Sierra Leone, is one of the largest natural rutile deposits in the world, with a JORC-Compliant Mineral Resource for measured, indicated and inferred resources for the Sierra Rutile mine of over 910 million tonnes (as at 30 September 2013).
Friday May 16, 2014