Business
Issue of equity and options
Issue of equity and options.
About this update from European Metals Holdings Ltd
[{"type":"text","content":"\n \n \n RNS Number : 4711L\n European Metals Holdings Limited\n 30 April 2020\n \n \n \n \n For immediate release\n \n 30 April 2020\n EUROPEAN METALS HOLDINGS LIMITED\n \n Issue of equity and options\n \n \n Director / PDMR Shareholdings\n \n \n \n \n The Board of European Metals Holdings Limited (\"European Metals\" or \"the Company\") (ASX & AIM: EMH) announces that it has today issued new CDIs on conversion of A Class and B Class performance shares following prior achievement of relevant milestones (as set out in full in the Company's annual reports). Under the applicable terms and conditions, the performance shares convert into new CDIs in accordance with the following milestones: \n \n \n \n \n 1. 20% of the performance shares convert into Shares and an equivalent number of CDIs upon the Company's Mineral Resource at Cinovec South and Cinovec Main being entered in the State register; \n \n \n 2. 20% of the performance shares convert into Shares and an equivalent number of CDIs upon the issuance of the preliminary mining licenses relating to the Cinovec Project; and\n \n \n 3. The balance of the performance shares convert into Shares and an equivalent number of CDIs upon the completing of a definitive feasibility study (DFS). \n \n \n \n \n \n As announced previously, the Cinovec South Resource was formally added to the Czech State resource register on 3 February 2017 and, f\n ollowing completion of the investment by CEZ in Geomet s.r.o., the Board has now proceeded with the outstanding conversion of the first tranche of \n 1,000,000 A Class Performance Shares into 1,000,000 new CDIs. The addition of the Cinovec South Resource to the Czech State resource register also triggered conversion of 1,000,000 of the then outstanding B Class Performance Shares and accordingly, 1,000,000 B Class Performance Shares have also now been converted into 1,000,000 new CDIs. \n \n \n \n \n \n In aggregate, 2,000,000 new CDIs have been issued on conversion of the performance shares, of which 217,060 new CDIs have been issued to Eleanor Jean Reeves (the wife of David Reeves who is Non-executive Chairman of the Company) on conversion of 108,530 A Class performance shares and 108,530 B Class performance shares. \n \n \n \n \n \n Following conversion there are 4,000,000 A Clas...