TIDMPOW
RNS Number : 0165I
Power Metal Resources PLC
09 August 2021
9 August 2021
Power Metal Resources plc ("Power Metal" or the "Company")
Executive Director Option Award
Power Metal Resources plc (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces the grant of options to
Executive Directors.
The exercise price for the options granted will be 3.25p per
ordinary share of 0.1 pence each in the Company ("Ordinary Share")
representing a premium of 51.9% to the closing mid-market share
price of 2.14p on Friday 6 August 2021. All options will have a
three-year life to expiry from today's date.
Executive Director Options
The Company's Executive Directors are to be awarded 20,000,000
options over Ordinary Shares allocated as 12,500,000 to Paul
Johnson, Chief Executive Officer and 7,500,000 to Andrew Bell,
Chairman (the "Director Options"). The Director Options will vest
immediately, and, if possible, the Director Options are to be
awarded under an Enterprise Management Incentive ("EMI") tax
protective scheme.
The Director Options 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 representing a premium of
133.6% to the closing mid-market share price of 2.14p on Friday 6
August 2021. Both directors must also serve for a further 6 months
from today's date as employees of the Company.
Overall Summary of Director Options
Following the above Director Option issues the overall options
held by the board are:
Director Number of Ordinary Terms
Shares under
option
Andrew Bell (Chairman) 13,613,929 1.0p exercise price, expiry 15/02/2022
7,500,000 2.0p exercise price, expiry 29/07/2023
7,500,000 3.25p exercise price, expiry
9/08/2024, 5.0p ten day VWAP
hurdle before may be exercised
------------------- ------------------------------------------
Paul Johnson (CEO) 13,613,929 1.0p exercise price, expiry 15/02/2022
12,500,000 2.0p exercise price, expiry 29/07/2023
3.25p exercise price, expiry
12,500,000 9/08/2024, 5.0p ten day VWAP
hurdle before may be exercised
------------------- ------------------------------------------
Scott Richardson 500,000 5.0p exercise price, expiry 28/08/2023
Brown
(Non-executive 500,000 5.0p exercise price, expiry 28/08/2023
director)
5,000,000 1.0p exercise price, expiry 19/02/2023
5,000,000^ 3.25p exercise price, expiry
4/06/2024, 5.0p ten day VWAP
hurdle before exercise
------------------- ------------------------------------------
Edmund Shaw 5,000,000 1.0p exercise price, expiry 19/02/2023.
(Non-executive
director) 5,000,000^ 3.25p exercise price, expiry
4/06/2024, 5.0p ten day VWAP
hurdle before exercise
------------------- ------------------------------------------
^New proposed Non-executive Director Options announced 4/6/21
(and subject to shareholder approval at General Meeting)
Total 88,227,858
------------------- ------------------------------------------
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
1. Paul Johnson
-------------------------------------- ------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status
1. 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 ordinary shares of 0.1p each
instrument, type of
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction
1. Issue of Director Options
-------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------ -------------------
Price(s) Volume(s)
------------------ -------------------
3.25p 12,500,000
------------------ -------------------
d) Aggregated information
- Aggregated volume 12,500,000
- Price 3.25p
e) Date of the transaction 9 August 2021
-------------------------------------- ------------------------------------------
f) Place of the transaction Off Market
-------------------------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name
1. Andrew Bell
--------------------------------------- ------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status
1. 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 ordinary shares of 0.1p each
instrument, type of
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction
1. Issue of Director Options
--------------------------------------- ------------------------------------------
c) Price(s) and volume(s)
------------------- ------------------
Price(s) Volume(s)
------------------- ------------------
3.25p 7,500,000
------------------- ------------------
d) Aggregated information
- Aggregated volume 7,500,000
- Price 3.25p
e) Date of the transaction 9 August 2021
--------------------------------------- ------------------------------------------
f) Place of the transaction Off Market
--------------------------------------- ------------------------------------------
Certain information contained in this announcement would have
been deemed 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
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
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM 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 and base 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
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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