Business
Company Option Pool & Proposed NED Option Award
Company Option Pool & Proposed NED Option Award.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9156A\n Power Metal Resources PLC\n 04 June 2021\n \n \n \n \n \n \n \n 04 June 2021\n \n \n Power Metal Resources plc (\"Power Metal\" or the \"Company\") \n \n \n Company Option Pool and Proposed Award of Non-executive Director Options\n \n \n Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce the creation of a Company Option Pool for key team members and, subject to shareholder approval, the proposed award of Non-executive Director Options.\n \n \n \n \n \n Company Option Pool\n \n \n \n \n \n Power Metal has created a pool of 25 million new options (the \"Pool Options\") to acquire new ordinary shares of 0.1p each in the Company (\"Ordinary Shares\") at an exercise price of 3.25p per share. The Pool Options have a 3-year life to expiry from today's date.\n \n \n \n \n \n The Pool Options are to be awarded to key members of the Company's operational teams, who are essential to the forward development and growth of the Company in the months and years ahead. To be clear, Power Metal directors will not receive options from this Company Option Pool, which is designed to incentivise other non-board team members.\n \n \n \n \n \n The Pool Options are subject to a share price performance condition and cannot be exercised until the volume weighted average share price (\"VWAP\") of the Company has exceeded 5.0p per Ordinary Share for ten consecutive trading days. All recipients will be subject to performance criteria with regard to the Pool Options including a minimum 6 months' service from today's date. \n \n \n \n \n \n Where possible the Pool Options will be awarded under the Enterprise Management Incentive scheme.\n \n \n \n \n \n Proposed Award of Non-executive Director Options\n \n \n \n \n \n In addition to, and separate from the above Company Option Pool, the Company proposes to award options (the \"Director Options\") to Non-executive Directors Scott Richardson Brown and Edmund Shaw. The Director Options will be issued immediately following, and subject to, shareholder approval at the next available General Meeting (\"GM\") of the Company.\n \n \n \n \n \n The proposal is for both directors to receive 5 million options each to acquire new Ordinary Shares...