Let's remember the upcoming milestone targets for the remainder of 2016 set by management themselves ..... they missed the July target for James Phipps ...will they achieve any of the 4 milestones this year ??
Milestone 1 means the transfer/issue of the Khnaiguiyah Mining Licence to the Alara/Bayan JV....... FAIL
Milestone 2 means securing a new mining licence in respect of the Al Hadeetha Copper -Gold Projects.
Milestone 3 means a ‘Decision to Mine’ has been made by the Company and the completion of ‘Total Financing’ on the Al Hadeetha Copper – Gold Project.
Milestone 4 means ‘Commencement of Construction’ in respect of the Khnaiguiyah Zinc-Copper Project after completion of ‘Total Financing’.
Alara Chairman (Mr James Phipps) to acquire unlisted options with a term expiring three (3) years after the date of issue with exercise prices, as follows:
(i) Tranche 1 - 7,000,000 options each with an exercise price of $0.04 which will vest upon the attainment of Milestone 1 on or before 31 July 2016....... fail
(ii) Tranche 2 – 7,000,000 options each with an exercise price of $0.04 which will vest upon the attainment of Milestone 2 on or before 31 October 2016;
(iii) Tranche 3 – 7,000,000 options each with an exercise price of $0.04 which will vest upon the attainment of Milestone 3 on or before 31 December 2016; and
(iv) Tranche 4 – 10,000,000 options each with an exercise price of $0.10 which will vest upon the attainment of Milestone 4 on or before 31 December 2016.
Managing Director (Mr Justin Richard) to acquire unlisted options with a term expiring three (3) years after the date of issue with exercise prices, as follows:
(i) Tranche 1 – 7,000,000 options each with an exercise price of $0.04 which will vest upon the attainment of Milestone 2 on or before 31 October 2016;
(ii) Tranche 2 – 7,000,000 options each with an exercise price of $0.04 which will vest upon the attainment of Milestone 3 on or before 31 December 2016; and
(iii) Tranche 3 – 10,000,000 options each with an exercise price of $0.10 which will vest upon the attainment of Milestone 4 on or before 31 December 2016.
Executive Director (Mr Atmavireshwar Sthapak) to acquire unlisted options with a term expiring three (3) years after the date of issue with exercise prices, as follows:
(i) Tranche 1 – 7,000,000 options each with an exercise price of $0.04 which will vest upon the attainment of Milestone 2 on or before 31 October 2016;
(ii) Tranche 2 – 7,000,000 options each with an exercise price of $0.04 which will vest upon the attainment of Milestone 3 on or before 31 December 2016; and
(iii) Tranche 3 – 10,000,000 options each with an exercise price of $0.10 which will vest upon the attainment of Milestone 4 on or before 31 December 2016.
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