REG - Cornish Metals Inc. - EXERCISE OF STOCK OPTIONS AND ISSUE OF EQUITY

Cornish MetalsAnnouncement

20/01/2022 09:50

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RNS Number : 1018Z  Cornish Metals Inc.  20 January 2022

 

CORNISH METALS ANNOUNCES EXERCISE OF STOCK OPTIONS AND ISSUE OF EQUITY

 

January 20, 2022

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a
mineral exploration and development company focused on its projects in
Cornwall, United Kingdom, announces the exercise of stock options for 40,000
common shares without par value at a price of 20 cents per common share in the
share capital of the Company ("New Shares") for an aggregate consideration of
C$8,000 (£4,700).

The New Shares will rank pari passu with the existing shares and application
has been made for the 40,000 New Shares to be admitted to trading on AIM
("Admission"). It is expected that Admission will become effective and
dealings in the New Shares will commence at 8:00am on or around January 26,
2022. The New Shares will also trade on the TSX Venture Exchange.

Following Admission, Cornish Metals' Issued and Outstanding share capital will
consist of 285,850,157 shares. The Company does not hold any shares in
treasury. Shareholders may use this figure as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the Company.

Following the issue of the New Shares, the Company's outstanding stock options
and warrants are as set out in the table below:

           Number of                          Number exercisable

           shares       Exercise                                  Expiry date

                        Price
 Options   1,400,000    $        0.20         1,400,000           November 3, 2022
           5,150,000            0.10          5,150,000           August 19, 2025

 Warrants  1,450,000    $        0.07         1,450,000           February 3, 2023
           2,072,222    0.10                  2,072,222           November 9, 2022

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.

 

ABOUT CORNISH METALS

Cornish Metals completed the acquisition of the South Crofty tin and United
Downs copper / tin projects, plus additional mineral rights located in
Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016
(https://www.cornishmetals.com/site/assets/files/5021/2016-07-12_nr.pdf) ).
The additional mineral rights cover an area of approximately 15,000 hectares
and are distributed throughout Cornwall. Some of these mineral rights cover
old mines that were historically worked for copper, tin, zinc, and tungsten.

 

For additional information please contact:

In North America:

Irene Dorsman at (604) 200 6664 or by e-mail at irene@cornishmetals.com
(mailto:irene@cornishmetals.com)

 

 

 SP Angel Corporate Finance LLP           Tel:              +44 203 470 0470

 (Nominated Adviser & Joint Broker)
                                          Richard Morrison
                                          Charlie Bouverat
                                          Grant Barker

 

 Hannam & Partners          Tel:                                                                          +44 207 907 8500

 (Joint Broker)
                            Matthew Hasson
                            Andrew Chubb
                            Ernest Bell

 Blytheweigh                Tel:                                                                          +44 207 138 3204

 (Financial PR/IR-London)
                            Tim Blythe                                                                    tim.blythe@blytheweigh.com (mailto:tim.blythe@blytheweigh.com)
                            Megan Ray                                                                     megan.ray@blytheweigh.com (mailto:megan.ray@blytheweigh.com)

 

 

ON BEHALF OF THE BOARD OF DIRECTORS

 

"Richard D. Williams"

Richard D. Williams, P.Geo

 

 

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 programs;
actual results of proposed exploration activities; possible variations in
Mineral Resources or grade; 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.

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