TIDMPOW
RNS Number : 0677I
Power Metal Resources PLC
02 August 2023
02 August 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Grant of Director, Management and Staff Options
Power Metal Resources PLC (AIM:POW), the AIM listed metals
exploration and development company, announces that it has granted
options over 77.5 million new ordinary shares of 0.1 pence each in
the Company ("Ordinary Shares") to certain Directors and staff
members to subscribe for new Ordinary Shares at an exercise price
of 1.50p with a life to expiry of 5 years from yesterday's date
with a one-year vesting period (the "Options")
Power Metal recognises the value of incentivising team members
at all levels through reasonable salaries combined with equity
participation through share options, aligning the team with
shareholder interests.
Further details on the grant of options are provided below and
recognise the immense contribution made by the team to the rapid
development of the Company and the strategic current value of its
broad-spectrum natural resource focused exploration and development
portfolio.
Further Information
37.5 million Options have been granted to Power Metal board
directors (the "Director Options"). The Director Options, along
with a summary of existing options held are outlined in the tables
below:
Existing options held by Directors
Existing options Exercise
Director held price (p) Expiry
Sean Wade 12,500,000 3.25 10.3.26
----------------- ----------- --------
1,000,000 5 28.8.23
Scott Richardson Brown 5,000,000 1 19.8.23
5,000,000 3.25 4.6.24
----------------- ----------- --------
Edmund Shaw 5,000,000 1 19.8.23
5,000,000 3.25 4.6.24
----------------- ----------- --------
Owain Morton 5,000,000 3.25 4.6.24
----------------- ----------- --------
Douglas William Brodie
Good 5,000,000 3.25 5.5.26
----------------- ----------- --------
Total Existing options
held 43,500,000
-----------------
Director Options Granted
Exercise
Options price
Director Granted (p) Expiry Total Options Held
Sean Wade 12,500,000 1.5 1.8.28 25,000,000
----------- --------- ------- -------------------
Scott Richardson
Brown 10,000,000 1.5 1.8.28 21,000,000
----------- --------- ------- -------------------
Edmund Shaw 10,000,000 1.5 1.8.28 20,000,000
----------- --------- ------- -------------------
Owain Morton Nil n/a n/a 5,000,000
----------- --------- ------- -------------------
Douglas William
Brodie Good 5,000,000 1.5 1.8.28 10,000,000
----------- --------- ------- -------------------
Total 37,500,000 81,000,000
----------- --------- ------- -------------------
A new pool totalling 40 million Options has been granted to
Power Metal employees, to be allocated in line with the Board's
instructions to non-Board team members, and with the same terms as
the Director Options above ("Team Options"). The Team Options are
in addition to 40 million previously granted options to the team
(3.25p exercise price, expiry 4 June 2024) and therefore the
non-Board Power Metal employees in total will share in a combined
total of 80 million options or circa 4% of currently issued
ordinary share capital.
Where possible the Board and Team Options will be written under
new Enterprise Management Initiative ("EMI") schemes for tax
efficiency and to maximise the potential cash return to employees
of the Company.
Related Party Note
The issue of the Director Options to Scott Richardson Brown,
Sean Wade, Edmund Shaw and Douglas William Brodie Good has been
deemed to constitute related party transactions for the purposes of
AIM Rule 13 of the AIM Rules for Companies.
Owain Morton being the Director independent of the issue of the
Director Options considers, having consulted with the Company's
nominated adviser, SP Angel, the issue of the Director Options in
respect of the related parties are fair and reasonable insofar as
the Shareholders are concerned.
PDMR DISCLOSURE
The notifications below, made in accordance with the
requirements of the EU Market Abuse Regulation, provide further
detail on the director's share dealing.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name
S cott Richardson Brown
-------------------------------------- ------------------------------------------
Reason for the notification
2
----------------------------------------------------------------------------------
a) Position/status
C hairman
-------------------------------------- ------------------------------------------
b) Initial notification
/Amendment Initial Notification
-------------------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name
Power Metal Resources Plc
-------------------------------------- ------------------------------------------
b) LEI
213800VNXOUPHTX53686
-------------------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 ordinary shares of 0.1p each
instrument, type of
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction Issue of Options
-------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------ -------------------
Price(s) Volume(s)
------------------ -------------------
1.5p 10,000,000
------------------ -------------------
d) Aggregated information
- Aggregated volume 10,000,000
- Price 1.5p
e) Date of the transaction 1 August 2023
-------------------------------------- ------------------------------------------
f) Place of the transaction Off Market
-------------------------------------- ------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name
Sean Edward Wade
-------------------------------------- ------------------------------------------
Reason for the notification
2
----------------------------------------------------------------------------------
a) Position/status
Chief Executive Officer
-------------------------------------- ------------------------------------------
b) Initial notification
/Amendment Initial Notification
-------------------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name
Power Metal Resources Plc
-------------------------------------- ------------------------------------------
b) LEI
213800VNXOUPHTX53686
-------------------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 ordinary shares of 0.1p each
instrument, type of
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction
Issue of Options
-------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------ -------------------
Price(s) Volume(s)
------------------ -------------------
1.5p 12,500,000
------------------ -------------------
d) Aggregated information
- Aggregated volume 12,500,000
- Price 1.5p
e) Date of the transaction 1 August 2023
-------------------------------------- ------------------------------------------
f) Place of the transaction Off Market
-------------------------------------- ------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name
Edmund Shaw
-------------------------------------- ------------------------------------------
Reason for the notification
2
----------------------------------------------------------------------------------
a) Position/status
Non-executive Director
-------------------------------------- ------------------------------------------
b) Initial notification
/Amendment Initial Notification
-------------------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name
Power Metal Resources Plc
-------------------------------------- ------------------------------------------
b) LEI
213800VNXOUPHTX53686
-------------------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 ordinary shares of 0.1p each
instrument, type of
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction
Issue of Options
-------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------ -------------------
Price(s) Volume(s)
------------------ -------------------
1.5p 10,000,000
------------------ -------------------
d) Aggregated information
- Aggregated volume 10,000,000
- Price 1.5p
e) Date of the transaction 1 August 2023
-------------------------------------- ------------------------------------------
f) Place of the transaction Off Market
-------------------------------------- ------------------------------------------
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name
Douglas William Brodie Good
--------------------------------------- ------------------------------------------
Reason for the notification
2
-----------------------------------------------------------------------------------
a) Position/status
Non-executive Director
--------------------------------------- ------------------------------------------
b) Initial notification
/Amendment Initial Notification
--------------------------------------- ------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name
Power Metal Resources Plc
--------------------------------------- ------------------------------------------
b) LEI
213800VNXOUPHTX53686
--------------------------------------- ------------------------------------------
Details of the transaction(s): section to be repeated for
4 (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 ordinary shares of 0.1p each
instrument, type of
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction
Issue of Options
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------- ------------------
Price(s) Volume(s)
------------------- ------------------
1.5p 5,000,000
------------------- ------------------
d) Aggregated information
- Aggregated volume 5,000,000
- Price 1.5p
e) Date of the transaction 1 August 2023
--------------------------------------- ------------------------------------------
f) Place of the transaction Off Market
--------------------------------------- ------------------------------------------
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
BlytheRay (PR Advisors) +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (LON:POW) is an AIM listed metals
exploration company which finances and manages global resource
projects.
The Company has a principal focus on opportunities offering
district scale potential across a global portfolio including
precious, base and strategic metal exploration in North America,
Africa and Australia.
Project interests range from early-stage greenfield exploration
to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through
strategic joint ventures until a project becomes ready for disposal
through outright sale or separate listing on a recognised stock
exchange, thereby crystallising the value generated from our
internal exploration and development work.
Value generated through disposals will be deployed internally to
grow the Company or may be returned to shareholders through share
buy backs, dividends or in-specie distributions of assets.
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END
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