Grant of Director, Management and Staff Options
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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.
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
| 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 | ||||
| a) | Name | Power Metal Resources Plc | ||||
| b) | LEI | 213800VNXOUPHTX53686 | ||||
| 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 | ||||
| a) | Name | Power Metal Resources Plc | ||||
| b) | LEI | 213800VNXOUPHTX53686 | ||||
| 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 | ||||
| a) | Name | Power Metal Resources Plc | ||||
| b) | LEI | 213800VNXOUPHTX53686 | ||||
| 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 | ||||
| a) | Name | Power Metal Resources Plc | ||||
| b) | LEI | 213800VNXOUPHTX53686 | ||||
| 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 |
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