Incentive program for leading employees and resource persons

 On 18 May 2016, the General Meeting of Nordic Mining resolved to renew the incentive program for leading employees and qualified resource persons. The new program is based on the same principles as the previous program which terminated 18 May 2016. The duration of the new option program is two years.

The Board of Directors was authorised to award options that in total give the right to subscribe for up to 17 million new shares in Nordic Mining. Further, the Board was authorised to determine the subscription price with a minimum subscription price similar to the closing price of the Nordic Mining share on 18 May 2016. The closing price on 18 May 2016 was NOK 0.68 per share.

As per today, a total of 16 180 000 options have been awarded to leading employees and resource persons. 12 580 000 options have been awarded at a subscription price of NOK 0.68 per share. The remaining 3 600 000 options have been awarded at a subscription price of NOK 1.36 per share.

The following primary insiders have been awarded options:

Ivar S. Fossum, CEO, has option to buy 3 600 000 shares in Nordic Mining at a price of NOK 0.68 per share. In addition, Fossum has option to buy 1 800 000 shares in at a price of NOK 1.36 per share. As per the date of this stock market release, Fossum owns 2 623 092 shares in Nordic Mining.

Lars K. Grøndahl, CFO, has option to buy 2 800 000 shares in Nordic Mining at a price of NOK 0.68 per share. In addition, Grøndahl has option to buy 600 000 shares at a price of NOK 1.36 per share. As per the date of this stock market release, Grøndahl owns 7 800 000 shares in Nordic Mining through the company Magil AS.

Mona Schanche, Exploration Manager, has option to buy 2 400 000 shares in Nordic Mining at a price of NOK 0.68 per share. In addition, Schanche has option to buy 600 000 shares at a price of NOK 1.36 per share. As per the date of this stock market release, Schanche owns 204 317 shares in Nordic Mining.

Thomas B. Addison, General Manager Nordic Rutile AS, has option to buy 2 400 000 shares in Nordic Mining at a price of NOK 0.68 per share. In addition, Addison has option to buy 600 000 shares at a price of NOK 1.36 per share. As per the date of this stock market release, Addison owns no shares in Nordic Mining.

One option can be converted into one share in Nordic Mining ASA. All options are fully vested on award and valid till 18 May 2018.

The full list of awarded options is shown below.

Name Position Number Price (NOK)
Ivar S. Fossum* CEO 3 600 000
1 800 000
0.68
1.36
Lars K. Grøndahl* CFO 2 800 000 
   600 000
0.68
1.36
Mona Schanche* Exploration Manager 2 400 000      
   600 000
0.68
1.36
Thomas B. Addison* General Manager,
Nordic Rutile AS
2 400 000
   600 000
0.68
1.36
Fredrik Søreide Co-owner,
Nordic Ocean Resources AS
   400 000 0.68
Rune B. Larsen Advisor, geology    500 000 0.68
Jon Svoldal Landowner, Kvinnherad quartz deposit    240 000 0.68
Kåre Eikeland Landowner, Kvinnherad quartz deposit    240 000 0.68
Total number 16 180 000

* Primary insider in Nordic Mining ASA

For questions please contact CFO Lars K. Grøndahl, telephone +47 901 60 941.


Oslo, 8 July 2016
Nordic Mining ASA



Nordic Mining ASA (www.nordicmining.com)

Nordic Mining ASA (“Nordic Mining” or “the Company”) is a resource company with focus on high-end industrial minerals and metals in Norway and internationally. The Company’s project portfolio is of high international standard and holds a significant economic potential. The Company’s assets are in the Nordic region.

Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking large-scale project development at Engebø in Sogn and Fjordane where the Company has rights to a substantial eclogite deposit with rutile and garnet. Permits for the project were granted by the Norwegian government in April 2015. Nordic Mining has rights for exploration and production of high-purity quartz in Kvinnherad in Hordaland and develops the project through its subsidiary Nordic Quartz AS. Nordic Mining’s associated company Keliber Oy in Finland plans to start mining of lithium bearing spodumene and production of lithium carbonate. Nordic Mining holds exploration rights on the Øksfjord Peninsula in Troms and Finnmark, where the Company has discovered a prospective area of sulphide mineralisation. Through the subsidiary Nordic Ocean Resources AS, Nordic Mining is exploring opportunities related to seabed mineral resources.

Nordic Mining is listed on Oslo Axess.

Subscribe