Grant of Share Options
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Capital Metals (AIM: CMET), a mineral sands company approaching mine development stage at the high-grade Eastern Minerals Project in Sri Lanka (the "Project"), announces the grant of share options over 750,000 ordinary shares to a Director as set out below (the "Options").
Following this announcement, and the cancellation of 500,000 historical share options, the Company now has a total of 14,800,000 share options in issue, representing approximately 4.1% of the fully diluted share capital of the Company. In addition, there are 2,568,627 warrants outstanding.
Schedule of Directors Options
| DIRECTOR | ROLE | DATE OF GRANT | NO. OPTIONS GRANTED | EXERCISE PRICE | VESTING CONDITIONS | EXPIRY DATE |
|---|---|---|---|---|---|---|
| Kwan Wey Teh | Non-Executive Director | 25 March 2024 | 750,000 | 5p | See *Note 1 | 25 March 2029 |
*Note 1: One-third of the Options granted to Kwan Wey Teh shall vest immediately, and one-third shall vest on each of the following two anniversaries of the date of grant.
500,000 options which had previously been granted to Kwan Wey Teh have been cancelled with immediate effect.
Related Party Transaction
The issue of the Options to Mr Teh have been treated as related party transactions under AIM Rule 13.
As a recipient of the Options, Mr Teh is not independent and has not taken part in the Board's consideration of the Option grant. Greg Martyr and James Leahy are the independent directors for this purpose. The independent director considers, having consulted with SPARK Advisory Partners Limited, the Company's nominated adviser, that the terms of the Option grant to Mr Teh are fair and reasonable insofar as the Company's shareholders are concerned.
| a) | Name | Kwan Wey Teh | ||||
| 2. | Reason for notification | |||||
| a) | Position/Status | Non-Executive Director | ||||
| b) | Initial notification/ Amendment | Initial notification | ||||
| a) | Name | Capital Metals plc | ||||
| b) | LEI | 213800RR4MW1ETEMS859 | ||||
| a) | Description of the financial instrument, type of instrument Identification Code | Options over ordinary shares of 0.2 pence per share par value ISIN: GB00BMF75608 | ||||
| b) | Nature of the transaction | Grant of options over ordinary shares | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated Volume - Price | Single transaction as in 4 c) above Price(s) Volume(s) 5p 750,000 | ||||
| e) | Date of the transaction | 25 March 2024 | ||||
| f) | Place of the transaction | Outside a trading venue |
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