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BLACK ROCK MINING LIMITED — Share Issue/Capital Change 2008
Oct 1, 2008
64531_rns_2008-10-01_19f322c4-da06-4564-8270-d8a0318ef9d8.pdf
Share Issue/Capital Change
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Green Rock Energy Limited ABN 59 094 551 336
ASX
Announcement
Unit 6, 38 Colin Street West Perth WA 6005 Australia PO Box 1177 West Perth WA 6872 Australia Tel (+61 8) 9482 0482 Fax (+61 8) 9482 0499 Email [email protected] Web www.greenrock.com.au
2 October 2008
Proposed Issue of Options to Directors
Pursuant to Listing Rule 3.10 Green Rock Energy Limited wishes to advise that, subject to shareholder approval at its next General Meeting, it proposes to issue a total of 4,600,000 ordinary share options to Directors as follows:
| DIRECTORS | NO. OF OPTIONS | |
|---|---|---|
| Mr Adrian Larking | 1,500,000 | |
| Mr Alan Knights | ||
| 1,500,000 | ||
| Mr Richard Beresford | 1,000,000 | |
| Dr Jörg Baumgärtner | 300,000 | |
| Mr Scott Spencer | 300,000 |
This proposed issue of options is to give recognition to the value that will be derived from the Directors concerned, their contribution to the Company through its Board in addition to being a performance incentive for the future. It is proposed that the exercise price of the options be set 20% above the average of the closing price on the ASX of the Company’s shares in the 20 trading days preceding 19 November 2008 rounded up to the next whole cent.
The details of this proposed issue are as follows:
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▐ Class of securities to be issued: Ordinary share options ▐ Number of securities to be issued: 4,600,000
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▐ Exercise price: Set at 20% above the average of the closing prices of Company’s ordinary shares on the ASX in the 20 trading days preceding 19 November 2008 rounded up to the next whole cent
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▐ Vesting conditions:
- 50% of options vest on 19 November 2009 with the balance vesting on 19 November 2010
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▐ Options expire: On 19 November 2012
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▐ Consideration: Nil
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▐ Purpose of issue: As a performance incentive and value recognition
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▐ Shareholder approval: To be sought at the next general meeting on 19 November 2008
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GREEN ROCK ENERGY LIMITED ABN 59 094 551 336
ASX Announcement Proposed Issue of Options to Directors : 2 October 2008
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About Green Rock Energy
Green Rock Energy is an Australian company focused on developing commercially sound renewable geothermal energy projects. The Company has projects in Australia and Europe and is a member of the Australian Geothermal Energy Association, the Australian Geothermal Energy Group and sponsor member of the International Energy Agency’s Geothermal Implementing Agreement.
Nigel Hodder Company Secretary
For more information:
Investors & Media Adrian Larking Managing Director W: +61 (0)8 9482 0401 M: +61 (0)417 927 767 E: [email protected]
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GREEN ROCK ENERGY LIMITED ABN 59 094 551 336