Strategic Minerals plc has granted options over 145 million new ordinary shares of £0.001 each in a new enterprise management incentives share option plan for its key employees and to preserve cash in the short term.
MRE
Recipients include executive director Mark Burnett with 70m options and executive chairman Charles Manners with 50m.
Strategic will also grant 25m options to two other qualifying employees.
The issued options, with a ten-year life, have an exercise price of £0.004 per share and represent approximately 6% of the company’s issued share capital.
Half of the options are exercisable on publication of a new mineral resource estimate for the Redmoor tin-tungsten project in Cornwall.
The remainder exercise on Strategic’s share price trading above 0.5 pence for 30-day volume-weighted average price.
The company is in the process of selling its Australia copper interests to focus on its subsidiary, Cornwall Resources Ltd, exploring at Redmoor.