Cornish Metals Options Grant and PDMR Dealings
Cornish Metals Inc. (AIM/TSX-V: CUSN) has announced the granting of 12,400,000 incentive stock options over common shares to executive management and senior staff. This grant aims to enhance commitment towards the company and its operations pertaining to the South Crofty tin project.
Details of Granted Options
The exercise price for the options granted is £0.085 per share (C$0.14). The options have a five-year term, with a vesting period of three years, allowing for one-third to vest at the end of each year. The expiry date for these options is set for August 19, 2029.
Current Issuance Breakdown
According to the Company’s Stock Option Plan, the issuance is limited to 10% of the Issued Share Capital. Prior to this grant, there were 14,550,000 options issued, amounting to 2.72% of the Company’s Issued Share Capital, which totals 535,270,712 shares. The current issuance enhances the total number of options granted to 26,950,000, equating to 5.03% of the Issued Share Capital.
PDMR Option Grants
Key management personnel including Owen Mihalop, Matthew Hird, and Fawzi Hanano have been granted options as follows:
Name: Owen Mihalop
Position: Chief Operating Officer
Options Granted: 2,000,000
Total Options Held: 4,750,000
Name: Matthew Hird
Position: Chief Financial Officer
Options Granted: 1,600,000
Total Options Held: 3,950,000
Name: Fawzi Hanano
Position: Chief Development Officer
Options Granted: 1,600,000
Total Options Held: 2,400,000
Company Overview
Cornish Metals is dedicated to the advancement of the South Crofty high-grade underground tin project. The project, which has a history of production dating back to 1592, benefits from an established framework including permissions for underground mining and dewatering. The favorable conditions and existing infrastructure position South Crofty among the highest-grade tin resources globally.
Project Potential and Economic Assessment
Recent economic assessments further validate the project’s viability, highlighting significant after-tax net present value and internal rates of return. The focus is on utilizing the existing mine infrastructure and community support to maximize output and create employment opportunities.
Contact Information
For more information, contact Cornish Metals via:
Email: investors@cornishmetals.com | info@cornishmetals.com
Tel: +1 (604) 200 6664
Frequently Asked Questions
What are the key features of the options granted to management?
The options include a £0.085 exercise price, a five-year term, and a vesting schedule over three years.
How many options were granted overall?
A total of 12,400,000 options have been granted, increasing the total granted options to 26,950,000.
Who are the key recipients of the options?
The options were granted to Owen Mihalop, Matthew Hird, and Fawzi Hanano, each holding significant roles within the company.
What is the focus of Cornish Metals?
Cornish Metals is focused on advancing the South Crofty tin project and exploring additional mineral rights.
Why is South Crofty significant?
South Crofty is one of the highest-grade tin resources globally and has historical significance dating back over 400 years of production.
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