REG - Power Metal Res. - Grant of Director, Management and Staff Options
02/08/2023 10:00
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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
Director Existing options held Exercise 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
Director Options Granted Exercise price (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.
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Scott Richardson Brown
2 Reason for the notification
a) Position/status
Chairman
b) Initial notification /Amendment
Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name
Power Metal Resources Plc
b) LEI
213800VNXOUPHTX53686
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 ordinary shares of 0.1p each
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
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Sean Edward Wade
2 Reason for the notification
a) Position/status
Chief Executive Officer
b) Initial notification /Amendment
Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name
Power Metal Resources Plc
b) LEI
213800VNXOUPHTX53686
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 ordinary shares of 0.1p each
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
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Edmund Shaw
2 Reason for the notification
a) Position/status
Non-executive Director
b) Initial notification /Amendment
Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name
Power Metal Resources Plc
b) LEI
213800VNXOUPHTX53686
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 ordinary shares of 0.1p each
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
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name
Douglas William Brodie Good
2 Reason for the notification
a) Position/status
Non-executive Director
b) Initial notification /Amendment
Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name
Power Metal Resources Plc
b) LEI
213800VNXOUPHTX53686
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 ordinary shares of 0.1p each
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/
(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
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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