SOURCE: Serabi Mining plc

Serabi Mining plc

May 31, 2011 03:30 ET

Serabi Mining plc ("Serabi" or the "Company") Award of Options

LONDON--(Marketwire - May 31, 2011) - The Company (AIM: SRB) (TSX: SBI) (TSX: SBI.WT) announces that the board of directors of Serabi (the "Board") has agreed to award in aggregate 1,130,000 new options over ordinary shares to its Directors (representing 1.77% of the current issued share capital of 63,968,529 ordinary shares). The options are exercisable at C$0.60, equivalent to approximately UK£0.37 per ordinary share, which compares to the closing mid-market share price in London of 28.5 pence per ordinary share on 27 May 2011. The option awards are as follows:

DirectorNumber of new options over Ordinary Shares
Mike Hodgson250,000
Clive Line250,000
Sean Harvey200,000
Melvyn Williams200,000
Doug Jones200,000
Graham Roberts30,000

The options have been granted under the Serabi Mining 2011 Share Option Plan (the "2011 Plan") which the Company adopted on 28 January 2011. The options granted will vest in three equal tranches, with one-third vesting and being exercisable immediately on award, one-third vesting on the first anniversary of the award and the remainder vesting on the second anniversary of the award and the options will lapse three years after the date of the award.

The Board has made further option awards to other eligible participants of the 2011 Option Plan representing a further 500,000 new options over ordinary shares also with an exercise price of C$0.60 (approximately UK£0.37) and with the same vesting and expiry periods.

Copies of this release are available from the Company's website at www.serabimining.com.

Neither the Toronto Stock Exchange, nor any other securities regulatory authority, has approved or disapproved of the contents of this news release.

Contact Information

  • Enquiries:

    Serabi Mining plc
    Michael Hodgson
    Chief Executive
    Tel: 020 7246 6830
    Mobile: 07799 473621

    Clive Line
    Finance Director
    Tel: 020 7246 6830
    Mobile: 07710 151692

    Email: contact@serabimining.com
    Website: www.serabimining.com

    Beaumont Cornish Limited
    Nominated Adviser
    Roland Cornish
    Tel: 020 7628 3396
    Michael Cornish
    Tel: 020 7628 3396

    Hybridan LLP
    UK Broker
    Claire Noyce
    Tel: 020 7947 4350

    Farm Street Communications
    Public Relations
    Simon Robinson
    Tel: 07593 340107

    Fig House Communications
    Investor Relations
    Rebecca Greco
    Tel: + 1 416 822 6483