Business
CORPORATE UPDATE AND GRANT OF SHARE OPTIONS
CORPORATE UPDATE AND GRANT OF SHARE OPTIONS.
About this update from Cornish Metals Plc
[{"type":"text","content":"\n\n \nCORNISH METALS CORPORATE UPDATE AND GRANTS INCENTIVE STOCK OPTIONS\n \nVancouver, July 18, 2023\nCornish Metals Inc. (TSX-V/AIM: CUSN) (\"Cornish Metals\" or the \"Company\") announces that it has granted 11,000,000 incentive stock options over common shares without par value in the Company (the \"options\") to Executive Management and senior staff.\nThe Remuneration Committee of the Company engaged The Bedford Group (Toronto) and Deloitte (UK) to provide independent guidance on the appropriate levels of compensation to the executive team, including options, as part of a Long Term Incentive Plan (LTIP) for a Company the size of Cornish Metals. The Bedford Group report outlined that stock options be granted annually, with approximately 2% of the Issued Capital granted as options annually. The Remuneration Committee will follow this guidance.\nTo ensure that management is fully aligned with the Company's shareholders, the exercise price of the options granted herein is £0.18 per share (C$0.30), the same as the investment price paid by Vision Blue Resources when the Company raised £40.5M (~C$65M) in May 2022 (see news release dated May 24, 2023). These options have a five year term, whereby the options vest over a three year period, with one third of the options vesting at the end of each year. The options will expire on July 17, 2028.\nThe Company's Stock Option Plan allows for the issuance of up to 10% of the Issued Capital of the Company. \nPrior to this grant, the Company had 5,150,000 options issued, representing 0.96% of the Issued Capital of the Company (535,270,712). The current issuance of 11,000,000 options takes the total number of options granted to 16,150,000, representing 3.02% of the Issued Capital. \nPDMR Option Grants\nRichard Williams (CEO), Owen Mihalop (COO), and Matthew Hird (CFO) were granted the following options:\n\n\n\n\nName\n\n\nPosition\n\n\nNumber of shares subject to the options granted\n\n\nTotal Share options Held\n\n\n\n\nRichard Williams (CEO)\n\n\nChief Executive Officer\n\n\n2,400,000\n\n\n3,200,000\n\n\n\n\nOwen Mihalop (COO)\n\n\nChief Operating Officer\n\n\n2,000,000\n\n\n2,750,000\n\n\n\n\nMatthew Hird (CFO)\n\n\nChief Financial Officer\n\n\n1,600,000\n\n\n2,350,000\n\n\n\n\n \nCorporate Update\n \nFollowing the recent Annual General Meeting held Jun...