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AFRICAN EAGLE RESOURCES PLC - GRANT OF OPTIONS

Release Date: 27/07/2012 12:00
Code(s): AEA
Wrap Text
GRANT OF OPTIONS

                                       African Eagle Resources plc
                                    Incorporated in England and Wales
                                      (Registration number 3912362)
                             (AIM share code: AFE AIM ISIN: GB0003394813)
                             (JSE share code: AEA JSE ISIN: GB0003394813)
                                    (“African Eagle” or the “Company”)


                                            GRANT OF OPTIONS


African Eagle announces that on 27 July 2012 the Board approved the grant of 10,300,000 options
over ordinary shares of £0.01 each in the Company ("Ordinary Shares") to certain directors and key
employees of the Company ("Share Options").

The Share Options are to subscribe for new ordinary shares in the Company and the exercise price
is 3.36p, which is based on the 90 day volume weighted average price at market close on 26 July
2012.

The Share Options granted to directors are as follows:
Chris Pointon, Chairman           150,000
Paul Rupia, Non-Executive         150,000
Trevor Moss, CEO                6,000,000
David Newbold, FD               3,000,000

For the Chairman and Non-Executive director, the Share Options will vest on the first anniversary of the date
of grant and must be exercised within a three year exercise period, on or before 27 July 2016, failing which
they will lapse.

For the directors and employees, one third of the Share Options will vest on the first anniversary of the date
of grant, 27 July 2013, with the balance vesting in equal tranches on the second and third anniversaries of
that date. The exercise period for each tranche is three years from the date of vesting, following which they
will lapse.

Following the grant of Share Options, the total number of shares outstanding under option arrangements will
be 40,084,000 shares representing 4.74 per cent of the Company's issued share capital of which the number
of options granted to the Directors is 9,300,000 shares representing 1.10 per cent of the Company's issued
share capital.


For further information, please visit www.africaneagle.co.uk or contact:

African Eagle Resources plc
Trevor Moss, CEO
+44 20 7248 6059

Canaccord Genuity Limited (NOMAD and Joint Broker)
Rob Collins or Andrew Chubb
+44 20 7523 8000

Ocean Equities Limited (Joint Broker)
Guy Wilkes
+44 20 7786 4370

Russell & Associates, Johannesburg
Charmane Russell or Marion Brower
+27 11 880 3924
Sponsor
Merchantec Capital

27 July 2012


About African Eagle
African Eagle Resources plc is a nickel development and exploration company listed on the London AIM
(AFE) and Johannesburg AltX (AEA) stock exchanges. The Company's flagship project is the Dutwa Nickel
project in Tanzania located about 25km south of Lake Victoria and 110km east of Mwanza within greenstone
gold belts which host many of Tanzania's operating and developing gold mines. The Company is currently
conducting a Bankable Feasibility Study which is due for publication during Q1 2013.

Date: 27/07/2012 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
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