MERCATOR GOLD plc
(“Mercator Gold”, “Mercator” or “the Company”)
US OTC: MTGDY
LONDON: 19 NOVEMBER 2004 - In its Admission Document issued on 1 October 2004, the Company indicated that, following the admission of its Ordinary Shares of 1p each to trading on AIM, it intended to establish a share option scheme for the benefit of Executives and senior employees of the Mercator Group. The Company announces that the Board has today approved the adoption of the Mercator Gold plc Unapproved Share Option Plan ("the Scheme").
The Principal features of the Scheme are as follows:
Options may only be granted to Executives of the Mercator Group which may include Directors and any person whose services are provided to the Mercator Group through a personal services company.
Grant of Options
No Options under the Scheme may be granted after 18 November 2014.
An Optionholder shall be issued with an Option Certificate which contains an undertaking by the Optionholder to be bound by the rules of the Scheme. In addition, the Optionholder must confirm his acceptance of the Option grant by the execution and delivery to the Company of a form of acceptance and election.
The exercise price of Ordinary Shares comprised in an Option shall be the greater of the middle market quotation for an Ordinary Share (as derived from the Official List for the ten dealing days immediately preceding the date of grant) and the nominal value of an Ordinary Share.
Exercise of Options
Save for certain circumstances, an Option may be exercised at any time after the date of grant and not later than the end of the day preceding the tenth anniversary of the date of grant.
The Company also announces that, pursuant to the Scheme, options have been granted today in respect of an aggregate of 4,500,000 Ordinary Shares to the Directors of the Group as follows:
|Director||Number of Ordinary Shares under option||Exercise Price per Ordinary Share||Exercise Period|
|Terry Strapp||750,000||10p||19.11.2004 to 18.11.2014|
|Patrick Harford||750,000||10p||19.11.2004 to 18.11.2014|
|Michael de Villiers||750,000||10p||19.11.2004 to 18.11.2014|
|Dr Julian Vearncombe||750,000||10p||19.11.2004 to 18.11.2014|
|Michael Elias||500,000||10p||19.11.2004 to 18.11.2014|
|Nicholas Allen||500,000||10p||19.11.2004 to 18.11.2014|
|Paul Loudon||500,000||10p||19.11.2004 to 18.11.2014|
For further information please contact:
|Mercator Gold plc|
|Patrick Harford, Managing Director||Tel:||+44 (0) 20 7929 1010|
|Phillip Securities UK Limited|
|Nick Bealer||Tel:||+44 (0) 20 7553 8281|
|Justine Howarth / Ana Ribeiro||Tel:||+44 (0) 20 7493 3713|
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