Azerbaijani gold producer to have new shareholder
Baku, Azerbaijan, Nov. 15
By Azad Hasanli – Trend:
Anglo Asian Mining PLC (AAM), producer of gold in Azerbaijan, issued options to purchase 120,000 ordinary shares at a cost of 11,850 British pounds, the AAM said in a message Nov. 15.
The message says that the options are granted to the AAM Director of Geology Stephen Westhead. He will receive three options to purchase 40,000 ordinary shares of 0.01 pounds each on Dec. 31, 2016, March 31, 2017 and June 30, 2017.
Therefore, Westhead will have an opportunity to obtain 0.1065 percent of the company’s existing share capital. The exercise price is 0.098750 per share. This is the closing price of the company's ordinary shares on 30 May 2016, the date when Stephen Westhead joined the AAM.
Anglo Asian Mining PLC is a gold, copper and silver producer with a broad portfolio of production and exploration assets in Azerbaijan.
Based on the production sharing agreement signed with Azerbaijani government in August 1997, Anglo Asian Mining PLC has the right to develop six fields in south-west of Azerbaijan: Gadabay, Ordubad, Gosha Bulag, Gizil Bulag, Vejnali and Soyutlu.
The gold produced at the fields is sent to Switzerland for purification. The ingots are delivered to Azerbaijan and are stored in the government’s account.