Grant of Options

ECR Minerals plc announces that under the unapproved share option plan adopted by the board of directors of the Company on 19 November 2004 (the “Option Plan”) it has issued a total of 25 million options (“Options”) to directors, staff and consultants.

Each Option is exercisable to acquire one ordinary share of the Company at a price of 2.5p per share. The Options will remain valid, subject to the rules of the Option Plan, until the tenth anniversary of the date of grant. The Options will vest immediately.

The exercise price of the Options equates to a premium of approximately 30% to the closing mid-market price of the Company’s shares on AIM on 5 January 2011.

Options have been issued to directors of the Company as follows:

Michael Silver, Chairman - 6,000,000 Options
Patrick Harford, Managing Director - 5,800,000 Options
Mick Elias, Non-Executive Director - 2,500,000 Options

All unexpired Options previously issued under the Company’s Option Plan as announced on 19 November 2004, 15 April 2005, 22 July 2005, 11 July 2007, and 3 January 2008 and as disclosed in the Company’s annual financial statements have been cancelled.

 

For further information please contact:

ECR Minerals plc
Michael Silver, Chairman Tel: +44 (0) 20 7929 1010
Patrick Harford, Managing Director
Email:This email address is being protected from spambots. You need JavaScript enabled to view it.
Daniel Stewart & Company plc
Oliver Rigby/Tessa Smith Tel: +44 (0) 20 7776 6550
Old Park Lane Capital plc
Forbes Cutler Tel: +44 (0) 20 7518 2603
Director of Corporate Broking
Barry Kaplan Associates
Larry Kaplan Tel: +1 732 747 0702