Ann: Change of Director's Interest Notice - M, page-5

re: Ann: Change of Director's Interest No... On 28 May 2013 the directors obtained approval for the issue of options on the following terms:
-
RESOLUTION 6 – Issue of Options to Mr Adrien Wing,Director.
To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
"THAT for the purpose of ASX Listing Rule 10.11
shareholders approve the issue of up to 1,250,000 options at an exercise price to be calculated as 130% of the
20 day VWAP prior to the date of issue or 10 cents
($0.10), whichever is higher and expiring three years from the date of issue to Mr Adrien Wing, as described in the Explanatory Memorandum which accompanied and formed
part of the Notice of General Meeting." (and other Directors on the same terms).

RESOLUTION 7 – Issue of Options to Mr Gary Fietz,Director.
To consider and, if thought fit, to pass the following resolution as an ordinary resolution:
"THAT for the purpose of ASX Listing Rule 10.11 shareholders approve the issue of up to 13,000,000 options at an exercise price to be calculated as 130% of
the 20 day VWAP prior to the date of issue or 10 cents ($0.10), whichever is higher and expiring three years from the date of issue to Mr Gary Fietz, as described in the Explanatory Memorandum which accompanied and formed
part of the Notice of General Meeting."

The Board therefore has just over two years to ensure their options are in the money, this may be a struggle given the current paucity of buyer interest despite drilling progress at Lochinvar and the recent share price trend.
The options were issued on 6 June 2013.