The Board of Chaarat Gold Holdings Limited has approved the grant of 3.5 million options to three members of the team at an exercise price of 16.328p, representing the average of the Chaarat share price for the last five trading days.
Half a million options were granted to new chief executive Robert Benbow. Half of the awarded options will vest over three years with the remainder vesting on the achievement of milestones including the completion of the feasibility study for the Tulkubash heap leach project, completion of financing for the poject and the first gold pour.
Robert Benbow now holds 4 million options which represent 1.14% of the company's current issued share capital.
Simultaneously, Chaarat also announced an extension of the waiver to a concert party that allows it to acquire shares without triggering a takeover bid. One member of the concert party has dropped out, but following a failed transaction, 783,622 shares remain available for purchase by the concert party.