Aim-listed Tanzania-focused gold exploration company Katoro Gold on Friday announced the issue of options to its board of directors and the company’s management, as well as the settlement of certain fees through the issue of new ordinary shares.
The board has resolved to issue 14.94-million new ordinary share options of 1p each to the board and management. The options constitute 10% of Katoro’s currently issued share capital and were issued at a price of 1.3p each – equal to the company's most recent fundraising price.
The options have an expiry date of the seventh anniversary of the date of grant, with 50% vesting on issue and the remaining 50% vesting in one year.
Katoro has also agreed to issue 556 077 new ordinary shares to its financial controller Pieter Krugel, in lieu of overtime for his ongoing services, at a price of 1.3p each.