Tietto Minerals advises its Managing Director Dr Caigen Wang has exercised 4,000,000 options to acquire 4,000,000 new Tietto shares for a total consideration of $1 million.
The options, granted to Dr Wang on 29 December 2017, were due to expire on 31
December 2021 and had an exercise price of $0.25 each.
The conversion of options by Dr Wang follows TIE’s Definitive Feasibility Study (DFS) for its Abujar Gold Project in Côte d’Ivoire which demonstrated robust financial results and estimated gold production of 260,000oz in the first year and 200,000oz per year over the first six years of Abujar’s 11-year mine life.
Tietto Chairman Francis Harper said Dr Wang’s decision to convert $1 million worth of options once again demonstrated his commitment to bringing Abujar on a disciplined timetable into production, with the Company targeting first gold from Abujar in Q4 CY2022.