2013-03-15 18:32:50 -
Toronto, Ontario CANADA, March 15, 2013 /FSC/ - Polo Resources Limited (POL - TSX, POL - AIM), The Directors of Polo Resources Limited announce that, following the recent consolidation of Polo's issued share capital on a 10-for-1 basis (the "Consolidation"), the outstanding Director and management options granted by the Company in January 2011 and March 2012 (the "Existing Options"), set out below, will be cancelled:
To view Table 1, please click on the link at the bottom of this release.
Following the recommendation of the Remuneration Committee of the Board of Directors, upon cancellation of the Existing Options, the Company will grant the following new options to Directors and management for no consideration (the "New Options"):
To view Table 2,
please click on the link at the bottom of this release.
* the interest of Mr Herbert includes options granted to Exmin Consulting Limited, a consulting company engaged by Polo of which Mr Herbert is the sole shareholder.
Upon grant, all of the New Options shall vest immediately, and must be exercised by the holder within three years of the grant date (which will be deemed to be the date on which the Consolidation is completed). Save as provided above, the New Options have the same terms as the Existing Options.
Following grant of the New Options and cancellation of the Existing Options, Polo has 15,500,000 shares under option representing 5.75 per cent of its issued share capital.
For further information, please contact:
Polo Resources Limited
Ian Burns, Finance Director
+27 787 312 919
Neil Elliot, George Price, Mark Wellesley-Wood
+44 (0) 20 7597 5970
Chris Bowman, Tim Graham
+44 (0) 20 3100 2228
Blythe Weigh Communications
Tim Blythe, Robert Kellner, Kawthar Badda
+44 (0) 207 138 3204
Borden Ladner Gervais LLP
Jeffery Barnes, Habeeb Syed
+1 416 367 6459
About the Company
Polo Resources is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo Resources: www.poloresources.com .
To view this press release as a PDF, please click on the following link:
Source: Polo Resources Limited (TSX - AIM: POL) www.poloresources.com
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