Sovereign Metals Limited (ASX:SVM; AIM:SVML) (Sovereign or the Company) advises that today the Company requested an immediate voluntary trading halt in its shares on the Australian Securities Exchange (ASX), pending an announcement regarding an updated Mineral Resource Estimate at Kasiya.
The Company has requested that the trading halt remain until the earlier of an announcement to the market regarding the above or the opening of trade on ASX on 5 April 2022.
Trading in the Company’s ordinary securities will continue to trade as normal on AIM during this period.
The Company also advises that, in accordance with the Company’s shareholder approved Employee Incentive Plan, the following performance rights have been cancelled for no consideration following cessation of employment with the Company:
· 400,000 performance rights subject to the “Feasibility Study Milestone” expiring on or before 31 December 2023; and
· 650,000 performance rights subject to the “Decision to Mine Milestone” expiring on or before 31 October 2025.
Following the cancellation, Sovereign has the following securities on issue:
· 432,433,755 ordinary fully paid ordinary shares;
· 6,375,000 unlisted options exercisable at A$0.14 on or before 30 June 2022;
· 2,000,000 unlisted options exercisable at A$0.18 on or before 30 June 2022;
· 8,919,500 unlisted options exercisable at A$0.50 on or before 9 April 2022;
· 2,500,000 unlisted options exercisable at A$0.18 on or before 31 July 2022;
· 5,120,000 performance rights subject to the “Feasibility Study Milestone” expiring on or before 31 December 2023; and
· 7,320,000 performance rights subject to the “Decision to Mine Milestone” expiring on or before 31 October 2025.
ENQUIRIES
Dr Julian Stephens (Perth)
Managing Director
+61(8) 9322 6322
Sam Cordin (Perth)
+61(8) 9322 6322
Sapan Ghai (London)
+44 207 478 3900
