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November 2013

Transaction in Own Shares

Griffin Mining Ltd (“the Company”) announces that on 20th November 2013 it purchased 20,000 of the Company’s own ordinary shares (“Ordinary Shares”) at a price of 31.5p per share. The Ordinary Shares have been purchased for cancellation (the “Purchase and Cancellation”).

The purchase represented 0.01% of the Company’s issued share capital before the Purchase and Cancellation and was pursuant to the bye-laws of the Company and a resolution passed by the directors.

Following the cancellation of these Ordinary Shares there will be 179,091,830 Ordinary Shares in the Company in issue. There are no shares held in treasury.

Exercise of Options

Griffin Mining Ltd (“the Company”) announces that the Company has been notified on 31st October 2013 of the exercise of options (“the Options”) granted to the directors and management in October 2008 over 4,400,000 new ordinary shares in the Company at an exercise price of 20p per share to raise £880,000 for the Company.

The Company has been informed by persons exercising Options over 500,000 of these shares that they intended to sell those ordinary shares. In order to maintain an orderly market in the Company’s shares, the Company has agreed to buy out the Options over these shares at the difference between the exercise price and the mid market value of the Company’s shares at close of business on 31st October 2013 of 34.5p.

The Options have been exercised by, and the new Ordinary shares issued as follows:

  Number of Options

held

   Number of

Options

Exercised

   Number of options bought out   Number of shares retained
Non Directors 3,000,000   3,000,000   –   3,000,000
Roger Goodwin (Director) 600,000   600,000   300,000   300,000
Dal Brynelsen (Director) 200,000   200,000   –   200,000
William Mulligan (Director) 200,000   200,000   –   200,000
Other management 400,000   400,000   200,000   200,000
Total 4,400,000   4,400,000   500,000   3,900,00

 

Mr Roger Goodwin is selling 300,000 Options in order to meet his UK tax liability immediately arising on the exercise and sale of the Options held by him.

Following the exercise and buy out of the Options there will be 179,111,830 Ordinary Shares in the Company in issue. There are no shares held in treasury. The directors’ interests in the ordinary shares of the Company will be as follows:

  Ordinary shares

Number

   Options over ordinary shares, exercisable at 45p

Number
Mladen Ninkov 33,001   6,000,000
Dal Brynelsen 200,001   400,000
Rupert Crowe 1   –
Roger Goodwin 877,830   1,200,000
William Mulligan 500,001   400,000

 

Application will be made to the London Stock Exchange for 3,900,000 new ordinary shares to be admitted to trading on AIM. These new ordinary shares will rank pari passu in all respects with the existing ordinary shares. It is expected that admission will become effective on 11 November 2013.