Grant of Director, Management and Staff Options
14th November 2024
Power Metal Resources PLC
("Power Metal" or the "Company")
Grant of Director, Management and Staff Options
Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, announces that it has granted options over 6.4 million new ordinary shares of 2 pence each in the Company ("Ordinary Shares") to certain Directors and staff members to subscribe for new Ordinary Shares at an exercise price of £0.20 each with a life to expiry of three years from yesterday's date.
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 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
3.75 million options have been granted to Power Metal Board Directors and Officers (the "Director and Officer Options"). The Director and Officer Options, along with a summary of existing options held are outlined in the tables below:
New Director / Officer Options Granted
Director | Options Granted | Exercise price (£) | Expiry |
Sean Wade | 1,350,000 | 0.20 | 13 November 2027 |
Scott Richardson Brown | 850,000 | 0.20 | 13 November 2027 |
Edmund Shaw | 700,000 | 0.20 | 13 November 2027 |
Jamie Tosh | 850,000 | 0.20 | 13 November 2027 |
Total | 3,750,000 |
| |
Existing options held by Directors / Officer
Director | Existing options held | Exercise price (£) | Expiry |
Sean Wade | 625,000 | 0.65 | 10 March 2026 |
Sean Wade | 625,000 | 0.30 | 31 July 2028 |
Scott Richardson Brown | 500,000 | 0.30 | 31 July 2028 |
Edmund Shaw | 500,000 | 0.30 | 31 July 2028 |
Douglas William Brodie Good | 250,000 | 0.65 | 5 June 2026 |
Douglas William Brodie Good | 250,000 | 0.30 | 31 July 2028 |
Jamie Tosh | 275,000 | 0.30 | 31 July 2028 |
Total existing options held | 3,025,000 |
A new pool totalling 2.65 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 2 million previously granted options to the non-board team members (£0.30 exercise price, expiry 31/07/2028).
Where possible the Director, Officerand 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 Transaction
The issue of the Director Options to Scott Richardson Brown, Sean Wade and Edmund Shaw has been deemed to constitute related party transactions for the purposes of AIM Rule 13 of the AIM Rules for Companies.
Douglas William Brodie Good, being the Director independent of the issue of the Director Options, considers, having consulted with the Company's nominated adviser, SP Angel Corporate Finance LLP, 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
Identification code | ordinary shares of 2p each
ISIN: GB00BMFSSJ73 | ||||
b) | Nature of transaction | Issue of options | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
- Aggregated volume - Price |
850,000 £0.20 | ||||
e) | Date of the transaction | 13 November 2024 | ||||
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
Identification code | ordinary shares of 2p each
ISIN: GB00BMFSSJ73 | ||||
b) | Nature of transaction | Issue of Options | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
- Aggregated volume - Price |
1,350,000 £0.20 | ||||
e) | Date of the transaction | 13 November 2024 | ||||
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
Identification code | ordinary shares of 2p each
ISIN: GB00BMFSSJ73 | ||||
b) | Nature of transaction | Issue of Options | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
- Aggregated volume - Price |
700,000 £0.20 | ||||
e) | Date of the transaction | 13 November 2024 | ||||
f) | Place of the transaction | Off Market | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Jamie Tosh | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Operating 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
Identification code | ordinary shares of 2p each
ISIN: GB00BMFSSJ73 | ||||
b) | Nature of transaction | Issue of Options | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
- Aggregated volume - Price |
850,000 £0.20 | ||||
e) | Date of the transaction | 13 November 2024 | ||||
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 LLP (Nomad and Joint Broker) | |
Ewan Leggat/Caroline Rowe
| +44 (0) 20 3470 0470 |
Tamesis Partners LLP (Joint Broker) | |
Richard Greenfield/Charlie Bendon | +44 (0) 20 3882 2868 |
BlytheRay (PR Advisors) Tim Blythe/Megan Ray |
+44 (0) 20 7138 3204 |
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (AIM:POW, OTCQB:POWMF) is a London-listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
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, Saudi Arabia 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 drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
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