Serabi gold issues 13.6m shares to board directors

published 28 January 2013

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.

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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.