Incentive program for leading employees and resource persons
On 27 May 2014, 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 27 May 2014. The new option program has a duration of two years.
The Board of Directors was authorised to award options that in total give the right to subscribe for up to 14 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 27 May 2014. The closing price on 27 May 2014 was NOK 0.90 per share.
On 26 June 2014, a total of 10 750 000 options were awarded to leading employees and resource persons. 8 250 000 options were awarded at a subscription price of NOK 0.90 per share. The remaining 2 500 000 options were awarded at a subscription price of NOK 1.80 per share.
The following primary insiders have been awarded options:
Ivar S. Fossum, CEO, has option to buy 3 000 000 shares in Nordic Mining at a price of NOK 0.90 per share. In addition, Fossum has option to buy 1 500 000 shares in Nordic Mining at a price of NOK 1.80 per share. As per the date of this stock market release, Fossum has 1 525 877 shares in Nordic Mining in addition to the options.
Lars K. Grøndahl, CFO, has option to buy 2 000 000 shares in Nordic Mining at a price of NOK 0.90 per share. In addition, Grøndahl has option to buy 500 000 shares in Nordic Mining at a price of NOK 1.80 per share. As per the date of this stock market release, Grøndahl has 4 700 000 shares in Nordic Mining in addition to the options. The shares are owned through the company Magil AS.
Mona Schanche, Exploration manager, has option to buy 2 000 000 shares in Nordic Mining at a price of NOK 0.90 per share. In addition, Schanche has option to buy 500 000 shares in Nordic Mining at a price of NOK 1.80 per share. As per the date of this stock market release, Schanche has 132 306 shares in Nordic Mining in addition to the options.
One option can be converted into one share in Nordic Mining ASA. All options are fully vested on award and valid till 27 May 2016.
The full list of awarded options is enclosed with this stock market release.
For questions please contact CFO Lars K. Grøndahl, telephone +47 901 60 941.
Oslo, 27 June 2014
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 a high international standard and holds a significant economic potential. The Company’s assets are mainly in the Nordic region.
Through the subsidiary Nordic Rutile AS Nordic Mining is undertaking large-scale project development at Engebøfjellet in Sogn and Fjordane where the Company has rights to a substantial eclogite deposit with rutile and garnet. 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 in the Øksfjord region 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.