Microsoft Word - CEO Options.docx

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3 July 2015
The Company Announcements Office
Australian Securities Exchange Limited
4th Floor 20 Bridge Street
SYDNEY NSW 2000

Incentive Option Package for Chief Executive Officer

Scotgold announces that it has entered into two Incentive Option Agreements with Mr Richard Gray, Chief Executive Officer. The grant of the options is subject to shareholder and regulatory approval which will be sought at the earliest available opportunity.
The Incentive Option Agreements are structured as two tranches.
The first, Tranche A, is for 5 Million options to acquire ordinary shares at an exercise price of 0.6p, which will vest and become exercisable when the Company has successfully concluded the financing of the Cononish Gold and Silver Project.
The second, Tranche B, is for 33 Million options to acquire ordinary shares at an exercise price of 0.6p, which will vest and become exercisable when the Cononish Gold and Silver Project produces its first dore.
Each option is exercisable into one ordinary fully paid share in Scotgold. The options will lapse on 30 June
2025.
Yours faithfully
Peter Newcomb
Company Secretary

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