Alexander Mining plc
TSX VENTURE : AXD
AIM : AXM

January 10, 2011 06:01 ET

Alexander Mining plc Listing on the TSX Venture Exchange

LONDON, UNITED KINGDOM--(Marketwire - Jan. 10, 2011) - Alexander Mining plc ('Alexander' or the 'Company'); (TSX VENTURE:AXD)(AIM:AXM) is pleased to announce the listing and admission of its ordinary shares for trading on the TSX Venture Exchange ('TSXV') at the opening of the market in Canada today under the symbol 'AXD'.

Commenting on the listing, Martin Rosser, CEO of Alexander, said:

"Listing our shares on the TSXV is an important step in Alexander's corporate development. North American investors and commentators have both a considerable breadth and depth of knowledge and an interest in investing in the global mining sector. The new listing will broaden understanding of the potential of our innovative proprietary mineral processing technology and increase the profile of the Company with the aim of facilitating investment and share trading by this investment community."

As part of the TSXV approval process, a Listing Application Document ('LAD') has been submitted by the Company. The LAD, which will be available on the Company's website, has a disclosure regarding a new stock option plan which conforms to the policies of the TSXV and the UK Listing Authority. An overview of the plan is given in the Appendix hereto.

Alexander is a mining and mineral processing technology company with a reputation for strong technical management, allied with financial markets' expertise and experience. Through its wholly owned subsidiary MetaLeach Limited, it is solely focused on the commercialisation of its proprietary mineral processing technology. 

Appendix

New 2010 Stock Option Plan

The Board has approved the adoption of the Company's 2010 Stock Option Plan (the "Option Plan") which is subject to TSX Venture Exchange and shareholder approval. Until such approvals are obtained, holders are not entitled to exercise any outstanding options granted under the Option Plan.

The Stock Option Plan permits to the Board, from time to time, in its discretion, and in accordance with the requirements of the TSXV and the UK Listing Authority, to grant to officers, directors, employees and consultants, non-transferable options to purchase Ordinary Shares. No options may be granted under the Stock Option Plan if such grant would result in the number of Ordinary Shares issued or remaining issuable pursuant to options granted under the 2010 Stock Option Plan within the period of 10 years ending on such date, when added to the number of Ordinary Shares issued or remaining issuable pursuant to rights granted within such period under the 2005 Stock Option Plan or any other stock option plan adopted by the Company, exceeding 10% of the number of Ordinary Shares in issue at that time. Any Ordinary Shares subject to an option that expires or terminates without having been fully exercised may be made the subject of a further option. All options granted under the Stock Option Plan are exercisable over a period of up to ten years, as determined by the Board.

The aggregate number of Ordinary Shares reserved for issuance pursuant to the Stock Option Plan or any other share compensation arrangement (including the 2005 Stock Option Plan):

  • in any one-year period to any one participant shall not exceed 5% of the Ordinary Shares outstanding from time to time;

  • to any one consultant within any one-year period shall not exceed 2% of the Ordinary Shares outstanding at the time of the grant;

  • to all employees conducting investor relations activities within any one-year period shall not exceed 2% of the Ordinary Shares outstanding at the time of the grant;

  • to insiders shall not exceed 10% of the Ordinary Shares outstanding at any time unless the Company has obtained disinterested shareholder approval to do so;

  • to insiders within any one-year period shall not exceed 10% of the Ordinary Shares outstanding unless the Company has obtained disinterested shareholder approval to do so; and

  • to any one insider and such insider's associates within any one-year period shall not exceed 5% of the Ordinary Shares outstanding from time to time unless the Company has obtained disinterested shareholder approval to do so. 

The aggregate market value of the Ordinary Shares which may be issued on exercise of outstanding options that are intended to be qualifying Enterprise Management Incentive Options for UK tax proposes under provisions of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003 (United Kingdom):

  • to any one participant shall not exceed £120,000, or such other limit as shall be specified from time to time under the Income Tax (Earnings and Pensions) Act 2003 (United Kingdom); and

  • to all participants shall not exceed £3,000,000, or such other limit as shall be specified from time to time under the Income Tax (Earnings and Pensions) Act 2003 (United Kingdom).

The exercise price per Ordinary Share subject to an option shall be determined by the Board in its sole discretion but, in any event, must not be lower than the closing price of the Company's Ordinary Shares traded through the facilities of the TSXV (or, if the Ordinary Shares are no longer listed for trading on the TSXV, then such other exchange or quotation system on which the Ordinary Shares are listed or quoted for trading) on the day preceding the date the option is granted, or such other price as may be required by the Exchange, subject to a minimum of 10 pence. Any reduction in the exercise price of an option held by an optionee who is an insider of the Company at the time of the proposed reduction will require disinterested shareholder approval.

Subject to the right of a deceased optionholder's personal representatives to exercise an option in accordance with the relevant provisions of the plan, no option may be transferred, assigned, charged or otherwise disposed of. Options are subject to vesting period as the Board may specify on the date of grant. 

If an optionee ceases to be a director, employee or consultant of the Company, as the case may be, as a result of any of the following, then the option granted shall expire not later than six months following the date of such cessation:

  • injury, ill-health or permanent disability (in each case evidenced to the satisfaction of the Committee); or

  • redundancy (within the meaning of the Employment Rights Act 1996); or

  • retirement; or

  • the transfer of the undertaking or part-undertaking in which the optionholder is employed to a person other than a Participating Company (as defined in the 2010 Stock Option Plan); or

  • the company by which the optionholder is employed ceasing to be under the control of the Company; or

  • any other reason, which the Remuneration Committee of the Board, considers reasonably justifies the exercise of the option.

If an optionee ceases to be a director, employee or consultant of the Company by reason of death, the options terminate on the earlier of one year after the Optionee's death and the expiration date of the options. In the case of an optionee being dismissed from employment or service for cause or for any other reason not referenced in the preceding paragraphs, the option shall terminate immediately on receipt of notice thereof and shall no longer be exercisable as of the date of such notice. 

Contact Information

  • Alexander Mining plc
    Martin Rosser
    Chief Executive Officer
    Mobile: + 44 (0) 7770 865 341
    or
    Alexander Mining plc
    Matt Sutcliffe
    Executive Chair
    Mobile: +44 (0) 7887 930 758
    or
    Alexander Mining plc
    1st Floor, 35 Piccadilly, London, W1J 0DW
    United Kingdom
    +44 (0) 20 7292 1300
    +44 (0) 20 7292 1313 (FAX)
    mail@alexandermining.com
    www.alexandermining.com
    or
    Nominated Advisor and Broker
    Ambrian Partners Limited
    Samantha Harrison / Jen Boorer
    +44 (0) 20 7634 4700
    or
    Public/Media Relations
    Britton Financial PR
    Tim Blackstone
    +44 (0) 20 7242 9786