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 wholly owned and permitted South Crofty tin project in Cornwall, United Kingdom, announces the exercise of stock options for 800,000 common shares without par value at an exercise price of 10 cents per common share ("New Shares") for an aggregate consideration of C$80,000 (equivalent to £43,316).
The New Shares will rank pari passu with the existing shares and application has been made for the 800,000 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 28, 2025. The New Shares will also trade on the TSX Venture Exchange.
Following Admission, Cornish Metals' Issued and Outstanding share capital will consist of 1,253,501,993 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 | 3,600,000 | C$0.10 | 3,600,000 | 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 19,2029 | |
| 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/P2zzzP
Caution regarding forward looking statements
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