Tungsten West Plc said on Tuesday it has granted 6.49 million share options to executives, including 5 million to Chief Operating Officer Ronald Day at a nominal exercise price of 1 pence per share.
The AIM-listed miner also awarded 1.49 million options to senior management under its Long Term Incentive Plan, subject to performance conditions set by the Remuneration Committee. The grants are tied to achieving commercial production, operational milestones and other key performance indicators.
The options were approved at general meetings held on January 30 and February 26, following the publication of circulars on January 14 and February 9. The awards will expire on the fifteenth anniversary of the grant date unless they lapse earlier under their terms.
The agreements include accelerated vesting provisions in the event of a change of control, according to the company’s disclosure. Tungsten West operates the Hemerdon tungsten and tin mine in Devon, UK.
