8th Floor, 54 Jermyn Street, London, SW1Y 6LX. United Kingdom
Telephone: + 44 (0)20 7629 7772 Facsimile: + 44 (0)20 7629 7773
E mail: griffin@griffinmining.com
Annual general meeting
Proposed Change of Directors
Extension of Share Purchase Options
1st April 2022
Annual General Meeting
Griffin Mining Limited ("the Company") announces that the 2021 Annual General Meeting ("AGM"), delayed by the impact of Covid 19, will be held at Level 9, BGC Centre, 28 The Esplanade, Perth, West Australia on Thursday 5th May 2022 at 4.00 pm local time (9.00 am GMT). Formal notice of the meeting will be sent to shareholders shortly.
Change of Directors
Dal Brynelsen
Mr Dal Brynelsen has requested that he be allowed to retire as a director of the Company and he will not seek re-election at the AGM. As a long serving, founding director of the Company, Mr Brynelsen has been instrumental in the drive, political and technical issues which have found, developed and operated the Caijiaying Mine and propelled the success of the Company. With his reputation unmatched, he remains a giant of the mining industry and his presence and enthusiasm at the holding company level cannot be replaced.
As such, the Company is delighted to confirm that Mr Brynelsen has acquiesced to remain a director of the Company's operating subsidiary in China, Hebei Hua Ao Mining Industry Company Limited, so the Company can continue to benefit from his mining expertise and his wealth of knowledge on operations, logistics and local issues in China.
New Directors
At the forthcoming AGM it has been proposed by the Company's major shareholders, holding over 50% of the outstanding shares in the Company, that Ms Linda Naylor and Mr Dean Moore be elected Independent Non- Executive Directors of the Company.
Ms Naylor is a graduate of the London School of Economics and a Fellow of the Institute of Chartered Accountants in England & Wales. A former partner in Grant Thornton UK LLP, her experience has been gained over more than twenty years working as a Nominated Adviser in the Capital Markets team and as an Audit Partner specialising in the natural resource sector. She was Chair of the Audit Committee whilst a Governor of Portsmouth University. As Finance Director of AIM listed Chaarat Gold Holdings Limited from 2009 to 2018, she worked as part of a small executive team. Her responsibilities encompassed financial reporting, investor relations and fund raising as that company transitioned from gold explorer to developer in the Kyrgyz Republic.
Mr Dean Moore is a Fellow of the Institute of Chartered Accountants in England & Wales with extensive public company experience having previously been Chief Financial Officer at Cineworld Group plc, N Brown Group plc, T&S Stores plc and Graham Group plc and formerly non-executive Chairman of Tuxedo Money Solutions Limited. He is currently a Director and Interim Chief Financial Officer of Dignity plc and an independent non-executive director and Chairman of the Remuneration Committee at Cineworld Group plc and Audit Committee Chairman and Senior Independent Director of Volex plc.
Extension of Share Purchase Options.
With the unanimous agreement of all the issued option holders, the exercise periods of share purchase options have been extended from 31st December 2022 to the 31st December 2023, over:
1. 4,558,333 new ordinary shares, all of which have vested, exercisable at 40 pence per new ordinary share; and
2. 15,667,200 new ordinary shares, all of which have vested, exercisable at 30 pence per new ordinary share.
This recognises the impact and delays in the development of the Company's assets caused by the Covid 19 pandemic and will prevent the need, in the short-term, for the majority of the option holders, once exercising their options, to sell a significant portion of the resulting shares to meet the associated subscription costs and personal income tax liabilities imposed on such exercise.
Within the above, the following persons discharging management responsibility have agreed to the extension of options in which they have an interest.
| Name | Number of options exercisable at 40 pence per new ordinary share. All vested | Number of options exercisable at 30 pence per new ordinary share. All vested |
| Roger Goodwin - Finance director | 500,000 | 1,500,000 |
| Dal Brynelsen - Director | - | 900,000 |
About Griffin Mining Limited
Griffin Mining Limited's shares are quoted on the Alternative Investment Market (AIM) of the London Stock Exchange (symbol GFM). Griffin Mining Limited owns and operates in China, through its 88.8% owned Joint Venture stock company, the Caijiaying Zinc Gold Mine, a profitable mine producing zinc, gold, silver, and lead metals in concentrates. For more information, please visit the Company's website www.griffinmining.com.
Further information
Griffin Mining Limited
Mladen Ninkov - Chairman Telephone: +44(0)20 7629 7772
Roger Goodwin - Finance Director
Panmure Gordon (UK) Limited Telephone: +44 (0)20 7886 2500
John Prior
Ailisa MacMaster
Berenberg Telephone: +44(0)20 3207 7800
Matthew Armitt
Jennifer Wyllie
Deltir Elezi
BlytheRay
Tim Blythe Telephone: +44(0)20 7138 3205
Swiss Resource Capital AG
| Jochen Staiger | Telephone: +41(0)71 354 8501 |
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