Cornish 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.
The 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.
To 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.
The Company’s Stock Option Plan allows for the
issuance of up to 10% of the Issued Capital of the Company.
Prior 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.
PDMR Option Grants
Richard Williams (CEO), Owen Mihalop (COO), and
Matthew Hird (CFO) were granted the following options:
Name |
Position |
Number of shares subject to the options
granted |
Total Share options Held |
Richard Williams (CEO) |
Chief Executive Officer |
2,400,000 |
3,200,000 |
Owen Mihalop (COO) |
Chief Operating Officer |
2,000,000 |
2,750,000 |
Matthew Hird (CFO) |
Chief Financial Officer |
1,600,000 |
2,350,000 |
Corporate Update
Following the recent Annual General Meeting held
June 29, 2023, the following sub-committees of the Board were duly
appointed:
• |
Audit
Committee |
Ken Armstrong
(Chair), Tony Trahar, Patrick Anderson |
• |
Remuneration Committee |
John McGloin (Chair), Don Njegovan |
• |
Sustainability Committee |
Stephen Gatley (Chair), Patrick Anderson |
The notification below, made in
accordance with the requirements of the UK Market Abuse Regulation,
provides further detail.
1 |
Details of the person discharging managerial
responsibilities / person closely associated |
a) |
Name |
- Richard Williams
- Owen Mihalop
- Matthew Hird
|
2 |
Reason for the notification |
a) |
Position/status |
- Chief Executive Officer
- Chief Operating Officer
- Chief Financial Officer
|
b) |
Initial notification /Amendment |
Initial notification |
3 |
Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor |
a) |
Name |
Cornish Metals Inc. |
b) |
LEI |
8945007GJ5APA9YDN221 |
4 |
Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction; (iii)
each date; and (iv) each place where transactions have been
conducted |
a) |
Description of the financial instrument, type of instrument |
options
over common shares without par value |
|
|
Identification code |
CA21948L1040 |
|
|
b) |
Nature of the transaction |
Grant of options pursuant to the Company LTIP |
c) |
Price(s) and volume(s) |
|
|
|
|
|
|
Price(s) |
Volume(s) |
|
|
|
- 18.00 pence
- 18.00 pence
- 18.00 pence
|
- 2,400,000
- 2,000,000
- 1,600,000
|
|
|
|
|
|
|
|
|
|
|
|
d) |
Aggregated information |
N/A |
|
|
-
Aggregated volume |
N/A |
|
|
-
Price |
18
pence |
|
|
e) |
Date of the transaction |
17 July 2023 |
f) |
Place of the transaction |
Outside of a trading venue |
ABOUT CORNISH METALS
Cornish Metals is a dual-listed company (AIM and
TSX-V : CUSN) focused on advancing the South Crofty high-grade,
underground tin project through to delivery of a Feasibility Study,
as well as exploring its additional mineral rights, all located in
Cornwall, South West England. The former producing South Crofty tin
mine is located beneath the towns of Pool and Camborne, and closed
in 1998 following over 400 years of continuous production. Since
acquiring the project in 2016, Cornish Metals has completed and
published maiden NI 43-101 Mineral Resources for South Crofty using
the vast archive of historical production data and more recent
drilling completed between 2007 and 2013. Additionally, Cornish
Metals has undertaken extensive pilot-scale water treatment trials
and successfully applied for and received the necessary
environmental permits to abstract, treat and discharge mine water
in order to dewater the mine. Planning permissions for the
operation of the mine and re-development of the surface facilities
have been secured and construction of the water treatment plant is
currently well underway. The dewatering pumps, variable speed
drives and new high-voltage power supply have been delivered to
site and dewatering of the mine is expected to commence later this
summer.
An updated Mineral Resource was completed in
June 2021 as summarised below:
South Crofty Summary (JORC 2012) Mineral Resource
Estimate |
Area |
Classification |
Mass (‘000 tonnes) |
Grade |
Contained Tin / Tin Equivalent (‘000 tonnes) |
Increase in contained Tin / Tin equivalent from 2016
MRE |
Lower Mine |
Indicated |
2,084 |
1.59% Sn |
33 |
10.2% |
Inferred |
1,937 |
1.67% Sn |
32 |
129.8% |
|
Upper Mine |
Indicated |
277 |
1.01% SnEq |
3 |
9.5% |
Inferred |
493 |
0.93% SnEq |
5 |
8.0% |
The Mineral Resource Estimate for South Crofty
(see news release dated June 9, 2021), is available in a report
titled the “South Crofty Tin Project Mineral Resource Update”,
dated June 7, 2021, authored by Mr. N. Szebor, CGeol (London),
EuroGeol, FGS, of AMC Consultants (UK) Ltd, can be accessed on the
Company’s SEDAR page.
The technical information in this news release
has been compiled by Mr. Owen Mihalop who has reviewed and takes
responsibility for the data and geological interpretation. Mr. Owen
Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief
Operating Officer for Cornish Metals Inc. and has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined under the
JORC Code (2012) and as a Qualified Person under NI 43-101. Mr.
Mihalop consents to the inclusion in this announcement of the
matters based on his information in the form and context in which
it appears.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
SP Angel Corporate Finance LLP (Nominated Adviser & Joint
Broker) |
Tel: |
+44 203 470 0470 |
|
Richard Morrison |
|
|
Charlie Bouverat |
|
|
Grant Barker |
|
|
|
|
Hannam & Partners(Joint Broker) |
Tel: |
+44 207 907 8500 |
|
Matthew Hasson |
|
|
Andrew Chubb |
|
|
Jay Ashfield |
|
|
|
|
BlytheRay(Financial PR/IR-London) |
Tel: |
+44 207 138 3204 |
|
Tim Blythe |
tim.blythe@blytheray.com |
|
Megan Ray |
megan.ray@blytheray.com |
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
Market Abuse Regulation (MAR)
Disclosure
The information contained within this
announcement is deemed by the Company to constitute inside
information pursuant to Article 7 of EU Regulation 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Caution regarding forward looking
statements
This news release contains "forward-looking
statements". Forward-looking statements, while based on
management's best estimates and assumptions at the time such
statements are made, are subject to risks and uncertainties that
may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to receipt of regulatory
approvals, risks related to general economic and market conditions;
risks related to the COVID-19 global pandemic and any variants of
COVID-19 which may arise; risks related to the availability of
financing; the timing and content of upcoming work programmes;
actual results of proposed exploration activities; possible
variations in Mineral Resources or grade; outcome of the current
Feasibility Study; projected dates to commence mining operations;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes, title disputes, claims and limitations
on insurance coverage and other risks of the mining industry;
changes in national and local government regulation of mining
operations, tax rules and regulations. Although Cornish Metals has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking statements, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. Cornish Metals
undertakes no obligation or responsibility to update
forward-looking statements, except as required by law.
Cornish Metals (TSXV:CUSN)
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Cornish Metals (TSXV:CUSN)
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