Issue of Convertible Performance Shares
February 06 2008 - 3:57AM
UK Regulatory
Issue of Convertible Performance Shares
FOR IMMEDIATE RELEASE
6 February 2008
NEPTUNE MINERALS PLC
("Neptune" or the "Company")
ISSUE OF CONVERTIBLE PERFORMANCE SHARES
Neptune (AIM: NPM), a leading explorer and developer of precious- and
base-metal seafloor massive sulphide (SMS) deposits in off-shore New
Zealand, Papua New Guinea, the Federated States of Micronesia and
Vanuatu, announces that it has issued 200,000 convertible performance
shares in the Company as part of the Company's staff executive
incentive plan. The total number of convertible performance shares
on issue following this award is 2,011,250.
The recently issued convertible performance shares have the same
conversion conditions attached to them as those previously on issue
and have no voting rights prior to conversion occurring. One quarter
of the convertible performance shares will be capable of vesting as
each of the following separate Performance Conditions is satisfied:
* A Share Price Performance Condition that will be satisfied
when the Company's share price remains above �0.75 per share over a
period of more than sixty (60) consecutive days;
* A Phase One Milestone Performance Condition will be
satisfied when the Company's exploration activities of SMS targets,
verifies, to the satisfaction of the board, that the geological
model as set out in the Admission Document has been established;
* A Phase Two Milestone Performance Condition will be
satisfied upon completion of an independent technical study,
commissioned by the Company, demonstrating to the satisfaction of
the Board, that the mining and lifting the ore to the sea surface
can be achieved;
* A Phase Three Milestone Performance will be satisfied upon
completion of an independent feasibility study, commissioned by the
Company, demonstrating to the satisfaction of the Board, both the
technical and commercial viability of mining SMS deposits.
The share price performance condition is separate from the three
milestone conditions. The three milestone conditions must be
satisfied consecutively unless the Board decides otherwise.
END
For further information please contact:
Simon McDonald (Neptune MD and CEO):
info@nepmins.com
Richard Hail (Fox Davies Capital Limited, Broker):
T: +44 (0) 207 936 5200
Fiona Owen (Grant Thornton Corporate Finance, Nomad):
T: +44 (0) 20 7383 5100
Rozanne Ichikowitz (Grant Thornton, Nomad)
T: +61 (0)2 8297 2522
Sofia Rehman (Cardew Group, PR):
T: +44 (0) 20 7930 0777
The Neptune Minerals Website is www.neptuneminerals.com
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