Exercise Of Stock Options And Issue Of Equity
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Cornish Metals Inc. (AIM/TSX-V: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, announces the exercise of 750,000 stock options by using the net exercise method.
Using this method, which is permissible under the terms of the Company's share option plan, as approved by shareholders on June 29, 2023, the Company issues shares equivalent to the value of the net gain, being the difference between the exercise price and the market value on the date of exercise. Accordingly, only 287,914 common shares without par value at a price of 10 cents per common share in the share capital of the Company ("New Shares") have been issued.
The New Shares will rank pari passu with the existing shares and application has been made for the 287,914 New Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the New Shares will commence at 8:00am on or around July 15, 2025. The New Shares will also trade on the TSX Venture Exchange.
Following Admission, Cornish Metals' Issued and Outstanding share capital will consist of 1,252,701,993 common shares. The Company does not hold any common shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company.
Following the issue of the New Shares, the Company's outstanding stock options, warrants and performance share units are as set out in the table below:
| Outstanding | Exercise Price | Exercisable | Expiry date | |
|---|---|---|---|---|
| Options | 4,400,000 | C$0.10 | 4,400,000 | August 19, 2025 |
| 7,266,667 | C$0.33 1 | 2,866,380 | July, 17, 2028 | |
| 800,000 | C$0.33 1 | 266,640 | October 1, 2028 | |
| 10,200,000 | C$0.16 2 | - | August 19,2028 | |
| 2,500,000 | C$0.16 2 | - | October 21, 2029 | |
| Warrants | - | - | - | - |
| Performance Share Units | 12,837,423 | - | - | May 23, 2035 |
1 Pursuant to the terms of the share option award, the exercise price of these options is £0.18 for non-Canadian option holders or $0.30 for Canadian option holders.
2 Pursuant to the terms of the share option award, the exercise price of these options is £0.085 for non-Canadian option holders or $0.14 for Canadian option holders.
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Turvey"
Don Turvey
CEO and Director
Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/2P2pOe
Caution regarding forward looking statements
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