Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an expansion to the Company’s Option Pool for key team members.
Previously, on 4 June 2021 Power Metal established a Company Option Pool, creating a 25m share pool for key team members who contribute to the growth and development of the Company. A link to this announcement is provided below:
Reflecting the expansion of the Power Metal team the Company Option Pool has today been expanded by 15m options to 40m options in total.
The terms of the new options are the same as those created in June 2021 comprising 15 million new options (the “New Pool Options”) to acquire new ordinary shares of 0.1p each in the Company (“Ordinary Shares”) at an exercise price of 3.25p per share.
The New Pool Options:
– have a life to expiry ending 4 June 2024
– are subject to a share price performance condition and cannot be exercised until the volume weighted average share price (“VWAP”) of the Company has exceeded 5.0p per Ordinary Share for ten consecutive trading days
– all recipients will be subject to performance criteria with regard to the Pool Options including a minimum 6 months’ service.
To be clear, Power Metal directors will not receive options from this Company Option Pool, which is designed to incentivise other non-board team members.
Where possible the Pool Options will be awarded under the Enterprise Management Incentive scheme.
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
Paul Johnson (Chief Executive Officer)
+44 (0) 7766 465 617
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