Churchill Mining managing director Paul Mazak has assigned 1,500,000 share options to Pala Investments Holdings.
The proceeds will be used to satisfy a family settlement.
The options comprise 1,200,000 with a strike price of £0.12 that expire on 28 March 2012 and 300,000 with a strike price of £0.20 that expire on 15 April 2010.
Pala has agreed to pay a consideration for the options based on valuing each ordinary share at 100p.
Story provided by Business Financial Newswire
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