Finders Resources propose incentives for a director

By Nellawati

ASX-listed Finders Resources Limited announced on Thursday it intended to seek approval from shareholders to grant 7,500,000 loan shares to Gary Comb under the terms of its Employee Share Ownership Plan. The shares will be issued in three equal tranches of 2,500,000 each and have the following issue prices and vesting conditions:

Tranche 1. Completion of the project finance enabling construction of a 25,000tpa plant, for the Wetar copper project, and Gary Comb remaining a director of the company for at least two years from the date of issue of the shares. Issue price equal to the market price at the time of issue;

Tranche 2. Completion of at least 5,000 tons of cathode production from the Kali Kuning valley SX/EW plant (nameplate capacity 25,000 tpa) and Gary Comb remaining director of the company for at least three years from the date of issue of the shares. Issue price equal to the market price at the time of issue plus 5 cents; and

Tranche 3. Expansion of Wetar life of mine production from the current 150,000 tons copper cathode to the equivalent of at least 250,000 tons of copper cathode and Gary Comb remaining director of the company for at least four years from the date of issue of the shares. Issue price equal to the market price at the time of issue plus 10 cents.

The purchase of the shares will be funded by a loan under Finders? Employee Share Ownership Plan.

According the company?s website, Gary Comb now serves as non-executive chairman at the board of directors.

Editing by Johannes Simbolon