December 7, 2009, Vancouver, BC ― Anooraq Resources Corporation (“Anooraq” or the “Company”) (TSXV:ARQ; NYSE Amex:ANO; JSE:ARQ) announces the award on November 30, 2009 of options in respect of the Company's ordinary shares to the following directors of the Company, as set out in the table below:
| Name of director | Number of options | Total value (CAD) |
|---|---|---|
| Philip Kotze | 1,000,000 | 840,000 |
| Tumelo Motsisi | 800,00 | 672,000 |
| Harold Motaung | 510,00 | 428,400 |
| Wayne Kirk | 150,000 | 126,000 |
| Rizelle Sampson | 150,000 | 126,000 |
| Sipho Nkozi | 150,000 | 126,000 |
| Anu Dhir | 150,000 | 126,000 |
| Fikile de Buck | 150,000 | 126,000 |
| Ronald Thiessen | 150,000 | 126,000 |
The options have been granted in terms of the Company's stock option plan at the strike price of CAD0.84 each. The options vest over the next three years as follows:
| One third: | November 30 2010 |
| One third: | November 30 2011 |
| One third: | November 30 2012 |
Once vested the options are exercisable immediately at the discretion of the holder; however, the options must be exercised by November 30, 2016, failing which they lapse.
The aforementioned directors have been given the prescribed clearance to conduct the transactions, and they each have a 100% direct and beneficial interest in the options.
On behalf of the Board of Directors
Philip Kotze
President and CEO
Joel Kesler
Executive: Corporate and Business Development
Office: +27 11 779 6800
Mobile: +27 82 454 5556
Charmane Russell / Nicola Taylor
Office: +27 11 880 3924
Mobile: +27 82 372 5816 / +27 82 927 8957
© 2010 Anooraq Resources Corporation