Issue of Performance Rights
Sovereign Metals Limited has issued 13,635,000 unlisted performance rights to key staff, comprising 5,422,500 tied to a Bankable Definitive Feasibility Study Milestone by June 30, 2026, and 8,212,500 linked to a Construction and Finance Milestone expiring June 30, 2028, with no exercise price. Following this issuance, the company now has 646,938,703 ordinary shares on issue, alongside various other performance rights with different milestones and expiry dates.
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Sovereign Metals Limited (ASX:SVM; AIM:SVML; OTCQX:SVMLF) (Sovereign or the Company) advises that 13,635,000 unlisted performance rights have been issued to key staff (non-PDMRs) as part of their incentive remuneration as follows:
- 5,422,500 unlisted performance rights subject to the "Bankable Definitive Feasibility Study Milestone" expiring on or before 30 June 2026; and
- 8,212,500 performance rights subject to the "Construction and Finance Milestone" that have no exercise price and expire 30 June 2028.
Following the issue of these unlisted performance rights, the Company has the following securities on issue:
- 646,938,703 fully paid ordinary shares (of no par value);
- 4,992,500 unlisted performance rights subject to the "Grant of Mining Licence Milestone" expiring on or before 31 March 2026 (expected to lapse unvested);
- 6,190,000 unlisted performance rights subject to the "Final Investment Decision Milestone" expiring on or before 30 June 2026 (expected to lapse unvested);
- 5,422,500 unlisted performance rights subject to the "Bankable Definitive Feasibility Study Milestone" expiring on or before 30 June 2026; and
- 8,212,500 performance rights subject to the "Construction and Finance Milestone" that have no exercise price and expire 30 June 2028.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.