David Seton, Chairman, and Chief Executive Officer of Olympus Pacific Minerals Inc., said the company officers have agreed to exercise 18,982,248 options in the company for net proceeds of Cdn$2.3 M to Olympus' account.
The capital infusion from the transaction will assist the company to purchase the necessary equipment to maintain the fourth quarter 2010 commissioning schedule of its second gold processing plant at Phuoc Son in central Vietnam.
Completion of the new facility at the company's second operating mine is expected to see the company producing at an annualised rate of 80,000 oz by the end of the fourth quarter 2010.
Management option holders sold 9,491,124 shares to enable 18,982,248 options to be exercised. Mr. Seton said, "Management's intention to hold the remaining shares increasing their ownership in Olympus reflects the confidence they have regarding the direction taken by the Company."
Olympus is positioned to further expand gold production in Vietnam from its core properties. The Company is currently producing at an annualized rate of 40,000 oz.
