Result of AGM and grant of options (9925C)

TIDMBRDY

RNS Number : 9925C

Brady Exploration PLC

09 May 2012

9 May 2012

Brady Exploration plc

("Brady" or the "Company")

Result of Annual General Meeting

Grant of Options

Change of Registered Office

The Board of Brady, the natural resources focused investing company, is pleased to announce that at the Company's Annual General Meeting held earlier today all resolutions were passed.

The Board also announces that, under the Company's share option plan, it has today granted options over, in aggregate, 5,800,000 ordinary shares of one penny each ("Ordinary Shares") to the directors of the Company (the "Grant").

Details of the grant of options and the interests of the board of Brady in the share capital of the Company following the Grant are as follows:

 
 Name                 Number       Total number     Number of       Number of 
                     of options      of options      Warrants*    Ordinary Shares 
                      granted      held following      held            held 
                                     the Grant 
 
 Alex Borrelli 
  (Chairman)          2,900,000         2,900,000    4,347,826                Nil 
 Nicholas Lee 
  (Non-Executive 
  Director)           2,900,000         2,900,000          Nil              Nil**

Each option carries the right to subscribe for one Ordinary Share in the capital of the Company at a price of 1.55 pence per Ordinary Share, being the mid-market price of the Company's Ordinary Shares immediately prior to the adoption of the share option plan. These options vest over a period of three years from the date of the Grant, with a third of the options becoming exercisable on the first, second and third anniversaries of the Grant respectively. These options are exercisable for a period of ten years from the date of the Grant.

The grant of Options to Alex Borrelli and Nicholas Lee are related party transactions under the AIM Rules for Companies (the "AIM Rules"). There are no independent directors for the purposes of providing the statement required under Rule 13 of the AIM Rules. Allenby Capital Limited, the Company's nominated adviser, considers that the terms of the grant of the options are fair and reasonable insofar as the shareholders of the Company are concerned.

Following the Grant there are now options outstanding over, in aggregate, 5,800,000 Ordinary Shares representing 9.96 per cent. of the Company's existing issued share capital.

The Company also announces that its registered office address has been changed to 31 Harley Street, London, W1 9QS with immediate effect.

*As at 1 May 2012 there were warrants in issue to subscribe for 17,849,851 new Ordinary Shares at an exercise price of 1.15 pence per Ordinary Share.

**Nicholas Lee is Chairman of Viridas plc which is interested in 16,977,675 Ordinary Shares representing 29.15 per cent. of the Company's existing issued share capital.

For further information on the Company please visit: www.bradyexploration.com or please contact:

 
 Brady Exploration plc                                      Tel: +44 7747 020 600 
 Alex Borrelli, Chairman 
 Allenby Capital Limited (Nominated adviser                 Tel: +44 20 3328 5656 
  and joint broker) 
 Nick Naylor 
  Nick Athanas 
 
  Rivington Street Corporate Finance (Joint                  Tel: +44 20 7562 3357 
  broker) 
  Jon Levinson

This information is provided by RNS

The company news service from the London Stock Exchange

END

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