Serabi gold issues 13.6m shares to board directors

AIM-listed mining company Serabi Gold has awarded 13.6m shares to members of its board, a statement issued by the company on Monday disclosed.

AIM-listed mining company Serabi Gold has awarded 13.6m shares to members of its board, a statement issued by the company on Monday disclosed.

The company, which is currently transitioning from a gold exploration business to a mine developer, stated that gold production is expected to go ahead before the end of the year.

Some 13.6m aggregate shares were awarded to the group's executive directors and non-executive directors, representing 3.76% of the current issued share capital.

With the exception of one Non-executive Director, Dr Doug Jones, the options were made exercisable at 6.1p which compared to the closing mid-market share price in London of 5.88p per ordinary share on January 25th.

The options awarded to Dr Jones have an exercisable amount of 8.13p.

The options granted are expected to vest in three equal tranches, with one-third vesting and being exercised immediately and another third vesting on the first anniverary of the award and the remainder vesting on the second anniversary of the award. The options will lapse three months after the date of the award.

Serabi Gold is an exploration and development company involvedi n the development of giold in Brazil. Its primary interest is the 100% owned Palito Gold Mine located in the Tapajos region of northern Brazil and a surrounding 53,000 hectares of prospective exploration tenements that the company controls.

Serabi's share price was up 6.38% to 6.25p at 13:04 on Monday.

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Here’s why you really should own at least some bitcoin
Bitcoin

Here’s why you really should own at least some bitcoin

While bitcoin is having a quiet year – at least in relative terms – its potential to become the default cash system for the internet is undiminished, …
16 Sep 2020
Will a second wave of Covid lead to another stockmarket crash?
Stockmarkets

Will a second wave of Covid lead to another stockmarket crash?

Can we expect to see another lockdown like in March, and what will that mean for your money? John Stepek explains.
18 Sep 2020
James Ferguson: How bad data is driving fear of a second wave of Covid-19
UK Economy

James Ferguson: How bad data is driving fear of a second wave of Covid-19

Merryn and John talk to MoneyWeek regular James Ferguson about the rise in infections in coronavirus and what the data is really telling us.
17 Sep 2020