Kavango Resources plc (LSE:KAV), the exploration company targeting the discovery of world-class mineral deposits in Botswana, is pleased to announce the Board has approved the grant of employee Share Options over 6,250,000 Ordinary Shares (the “Options”) to certain key members of staff.
The Options will be subject to a vesting period of one year, with half the Options vesting after six months and the remainder vesting after twelve months, provided the employee remains employed within the Kavango group. The Options are exercisable at a price of 5 pence per Ordinary Share for a period of seven years. The Options carry a vesting condition whereby the Options only become exercisable once the Company’s reported closing mid-market price per Ordinary Share closes above 7.5p on five separate trading days.
Ben Turney, Executive Director of Kavango Resources, commented:
“Kavango has recruited an outstanding team in Botswana. The creative energy they bring to our business is one of our least appreciated strengths. It is no coincidence our portfolio of projects is advancing at the pace it is.
Today’s option award recognises the substantial contribution our staff has made to Kavango over the years and provides them with significant motivation to help us to make major mineral discoveries in the future. As we enter the next important phase of exploration, I hope all their efforts are richly rewarded.”
Further information in respect of the Company and its business interests is provided on the Company’s website at www.kavangoresources.com and on Twitter at #KAV.
For further information please contact:
Kavango Resources plc
First Equity (Joint Broker)
+44 207 374 2212
SI Capital Limited (Joint Broker)
+44 1483 413500