Mr. Geoff Eyre reports
AVESORO RESOURCES INC. - GRANT OF STOCK OPTIONS TO DIRECTORS AND EMPLOYEES
Pursuant to its stock option plan, Avesoro Resources Inc., formerly Aureus Mining Inc., has granted incentive stock options to certain directors and employees of the company as part of its annual stock option incentive program. The stock options were granted on Dec. 7, 2016, over a total of 95.5 million common shares, representing approximately 1.79 per cent of the issued share capital of the company at an exercise price of 1.575 pence per share, being equal to the closing price of the common shares on Dec. 6, 2016, on the Alternative Investment Market. The stock options vest and become exercisable as to 50 per cent on the first anniversary of grant and 50 per cent on the second anniversary of grant, except for those granted to the non-executive directors, which vest and become exercisable as to 50 per cent on grant and 50 per cent on the first anniversary of grant. The stock options issued are capable of being exercised up to Dec. 6, 2021. Following this award of options, the total number of shares under option is currently 124,620,175, representing 2.34 per cent of the company's issued share capital.
The allocation of stock options to persons discharging managerial responsibilities is set out in the attached table.
Current
shareholding
Current as percentage of
New options Total options shareholding current issued
Director Position issued held in Aureus share capital
Serhan Umurhan CEO and director 20,000,000 22,700,000 8,010,000 0.15%
Geoff Eyre CFO and director 16,500,000 18,750,000 2,720,000 0.05%
David Netherway Non-executive director 5,500,000 8,300,000 431,454 0.01%
Jean-Guy Martin Non-executive director 5,500,000 6,600,000 99,382 0.01%
Loudon Owen Non-executive director 5,500,000 6,225,000 99,593 0.01%
Mr. Umurhan and Mr. Eyre are both directors of Avesoro Jersey Ltd., which holds 3,912,222,429 shares,
representing 73.5 per cent of the company's issued and outstanding shares.
About Avesoro Resources
The company's assets include the New Liberty gold mine in Liberia, which has an estimated proven and probable mineral reserve of 8.5 million tonnes with 924,000 ounces of gold grading 3.4 grams per tonne, and an estimated measured and indicated mineral resource of 9,796,000 tonnes with 1,143,000 ounces of gold grading 3.63 grams per tonne, and an estimated inferred mineral resource of 5.73 million tonnes with 593,000 ounces of gold grading 3.2 grams per tonne. A definitive feasibility study has been completed, the first gold pour has taken place, and commercial production has been declared. The foregoing mineral reserve and mineral resource estimates and additional information in connection therewith are set out in the company's technical report dated March 25, 2015, and entitled "New Liberty gold project, Bea Mountain mining licence, southern block, Liberia, West Africa, definitive project plan."
The company also has a gold exploration permit in Cameroon.
Qualified persons
The company's qualified person is Mark J. Pryor, who holds a BSc (honours) in geology and mineralogy from Aberdeen University, United Kingdom, and is a fellow of the Geological Society of London, a fellow of the Society of Economic Geologists and a registered professional natural scientist of the South African Council for Natural Scientific Professions. Mr. Pryor is an independent technical consultant with over 25 years of extensive global experience in exploration, mining and mine development, and is a qualified person as defined in National Instrument 43-101, standards of disclosure for mineral projects, of the Canadian Securities Administrators, and has reviewed and approves this press release.
We seek Safe Harbor.
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