Sierra Rutile Limited
Exercise of Share Options
London, UK, 18 November 2014: Sierra Rutile Limited (AIM: SRX) ("Sierra Rutile") announces
that it has issued new ordinary shares to directors pursuant to the exercise of share options
granted under the terms of the Sierra Rutile’s Share Option Plan. The share options,
exercised on 17 November 2014, were satisfied by the issue of new ordinary shares equal to
the difference between the market value of an ordinary share and the exercise price of the
share options without the directors being required to remit the exercise price. The number
of new ordinary shares issued to directors who have exercised their share options is as
follows:
Director
John Sisay
Michael Brown
Charles Entrekin
Alex Kamara
Martyn Buttenshaw
Number of share options
Exercised
2,400,000
1,000,000
1,000,000
1,000,000
375,000
Number of new ordinary
shares issued
281,142
117,142
117,142
117,142
43,928
Total: 676,496
Consequently, the shareholdings of these directors are as follows:
Director
John Sisay
Michael Brown
Charles Entrekin
Alex Kamara
Martyn Buttenshaw
Number of ordinary shares
3,393,109
620,174
848,114
621,240
221,380
Percentage of
issued share capital
0.65%
0.12%
0.12%
0.16%
0.04%
Under the Directors Share Ownership Policy adopted by the Sierra Rutile’s Board in 2013,
directors are expected to build up and hold shares in Sierra Rutile, including by retaining
shares acquired pursuant to share incentive awards. The acquisition of shares by directors
pursuant to the exercise of share options is intended to align directors with the interests of
shareholders. Under the policy, directors may sell shares as is necessary to pay for their tax
liability arising from the exercise of share options.
A further 465,154 new ordinary shares have been issued pursuant to the exercise of share
options by other share option holders. As at the date of this announcement, following the
exercise of share options and share issuances, Sierra Rutile’s total issued share capital is
522,231,508 ordinary shares and the total outstanding vested and unvested share options
are 10,475,000 share options.
For Further Information:
Sierra Rutile Limited
Yves Ilunga, Chief Financial
Officer
RBC Capital Markets
Nominated Adviser and Joint
Corporate Broker
Jonny Hardy
Mirabaud Securities
Joint Corporate Broker
Peter Krens
Kreab Gavin Anderson
Marc Cohen / Christina Clark
+44 (0)20 7074 1800
+44 (0)20 7653 4000
+44 (0)20 7321 2508
+44 (0)20 7074 1800
About Sierra Rutile Limited
Sierra Rutile produces titanium feedstock industrial minerals (primarily rutile, with some
associated ilmenite), as well as smaller quantities of zircon. Sierra Rutile’s mine, located in
the south west of Sierra Leone, is one of the largest natural rutile deposits in the world, with
a JORC-Compliant Mineral Resource for measured, indicated and inferred resources for the
Sierra Rutile mine of over 910 million tonnes (as at 30 September 2013).
www.sierra-rutile.com
2