Cornish Metals Change in Financial Year End and Grant of Stock Options
02 10월 2023 - 3:00PM
Cornish Metals Inc. (
TSX-V/AIM:
CUSN) (“Cornish Metals” or the “Company”), a mineral
exploration and development company focused on its South Crofty tin
project in Cornwall, United Kingdom, announces that it is changing
its financial year end from 31 January to 31 December and that it
has granted 800,000 incentive stock options over common shares
without par value in the Company (the “options”) to Executive
Management.
Change of Year-End
The Company has decided to change its financial
year end to 31 December to better align the Company’s financial
reporting periods to that of its peer group in the mineral
resources sector. In addition, the calendar year end coincides with
traditional financial, taxation and operational cycles.
As a result of the change of the financial year
end, key dates in the Company’s future reporting calendar will be
as follows:
- Publication of unaudited accounts for the nine month period
ending 31 October 2023 no later than 1 January 2024;
- Publication of audited accounts for the eleven month period
ending 31 December 2023 no later than 29 April 2024;
- Publication of unaudited accounts for the three month period
ending 31 March 2024 no later than 30 May 2024; and
- Publication of unaudited accounts for the six month period
ending 30 June 2024 no later than 29 August 2024.
Further details on the Company’s reporting
periods required pursuant to the Company’s listing on the TSX-V are
set out in the Notice filed on Sedar.
PDMR Option Grant
The Board of Directors has approved the issuance
of 800,000 options to Fawzi Hanano, Chief Development Officer. To
ensure alignment with the Company’s shareholders, the options
granted herein have an exercise price of £0.18 per share, the same
as the options granted earlier this year (see news release dated
July 17, 2023) and 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 23, 2022). 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 September 30, 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 16,150,000 options issued,
representing 3.02% of the Issued Capital of the Company
(535,270,712). The current issuance of 800,000 options takes the
total number of options granted to 16,950,000, representing 3.17%
of the Issued Capital.
Fawzi Hanano was granted the following
options:
Name |
Position |
Number of shares subject to the options
granted |
Total Share options Held |
Fawzi Hanano |
Chief Development Officer |
800,000 |
800,000 |
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 |
- Fawzi Hanano
|
2 |
Reason for the notification |
a) |
Position/status |
- Chief Development 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
|
-
800,000
|
|
|
|
|
|
|
d) |
Aggregated information |
N/A |
-
Aggregated volume |
N/A |
-
Price |
18
pence |
|
|
e) |
Date of the transaction |
30 September 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, United Kingdom. Cornish Metals has a growing team of
skilled people, local to Cornwall. 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.
An updated Mineral Resource was completed in
September 2023 as summarised below:
South Crofty Summary (JORC 2012) Mineral Resource
Estimate |
Area |
Classification |
Mass(kt) |
Grade |
Contained Tin / Tin Equivalent
(kt) |
Lower Mine |
Indicated |
2,896 |
1.50% Sn |
43.6 |
Inferred |
2,626 |
1.42% Sn |
37.4 |
Upper Mine |
Indicated |
260 |
0.99% SnEq |
2.6 |
Inferred |
465 |
0.91% SnEq |
4.2 |
The Mineral Resource Estimate for South Crofty
was updated in September 2023 (see news release dated September 13,
2023). An updated NI 43-101 Technical Report will be filed on SEDAR
within 45 days of the September 13 news release.
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.
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
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) |
Richard Morrison Charlie Bouverat Grant Barker |
Tel: +44 203 470 0470 |
|
|
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|
|
Hannam & Partners(Joint Broker) |
Matthew HassonAndrew Chubb Jay Ashfield |
Tel: +44 207 907 8500email:
cornish@hannam.partners |
|
|
|
|
|
|
BlytheRay(Financial PR/IR-London) |
Tim Blythe Megan Ray |
Tel: +44 207 138 3204email: tim.blythe@blytheray.com
megan.ray@blytheray.com |
|
|
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|
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|
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)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Cornish Metals (TSXV:CUSN)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024