Cornish Metals Announces Options Grant and PDMR Dealings
Cornish Metals Inc. (AIM/TSX-V: CUSN) has revealed that it is granting 12,400,000 incentive stock options for common shares to its executive management and senior staff. This initiative is designed to strengthen their commitment to the company and its operations related to the South Crofty tin project.
Details of the Granted Options
The options are set at an exercise price of £0.085 per share (C$0.14). They come with a five-year term and a three-year vesting period, allowing one-third to vest at the end of each year. These options will expire on August 19, 2029.
Breakdown of Current Issuance
As per the Company’s Stock Option Plan, the issuance is capped at 10% of the Issued Share Capital. Before this grant, there were already 14,550,000 options issued, which represented 2.72% of the Company’s Issued Share Capital, totaling 535,270,712 shares. With the current issuance, the total options granted will rise to 26,950,000, which is equivalent to 5.03% of the Issued Share Capital.
PDMR Option Grants
The following key management personnel have received options:
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
Overview of the Company
Cornish Metals is committed to advancing the South Crofty high-grade underground tin project. This project has a rich history of production that dates back to 1592 and is supported by an established framework, including necessary permissions for underground mining and dewatering. The favorable conditions and existing infrastructure make South Crofty one of the highest-grade tin resources in the world.
Project Potential and Economic Assessment
Recent economic assessments have further confirmed the project's viability, showcasing a significant after-tax net present value and internal rates of return. The company aims to leverage the existing mine infrastructure and community support to maximize production and create job opportunities.
Contact Information
For further inquiries, please reach out to 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 feature a £0.085 exercise price, a five-year term, and a vesting schedule that spans three years.
How many options were granted overall?
A total of 12,400,000 options have been granted, bringing the total number of granted options to 26,950,000.
Who are the key recipients of the options?
The options were awarded to Owen Mihalop, Matthew Hird, and Fawzi Hanano, all of whom hold significant positions within the company.
What is the focus of Cornish Metals?
Cornish Metals is dedicated to advancing the South Crofty tin project while also exploring additional mineral rights.
Why is South Crofty significant?
South Crofty is recognized as one of the highest-grade tin resources globally and holds historical importance with over 400 years of production history.
