Exercise Of Stock Options And Issue Of Equity
Cornish Metals Inc. announced that Matthew Hird, CFO, exercised 750,000 stock options using the net exercise method, resulting in the issuance of 249,626 new common shares. These shares will rank equally with existing shares, and application has been made for their admission to trading on AIM, expected around October 14, 2025. Subsequently, Mr. Hird sold these 249,626 shares at a price of 7.80 pence per share, with settlement due on the same date; his beneficial interest remains unchanged. Following admission, the company's issued and outstanding share capital will consist of 1,253,751,619 common shares. The company's outstanding options include 1,300,000 exercisable at C$0.10 expiring October 13, 2025.
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Cornish Metals Inc. (AIM/TSXV: 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 that Matthew Hird (CFO) has exercised 750,000 options over common shares in the Company 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 249,626 common shares without par value in the share capital of the Company (the "New Common Shares") have been issued. The New Common Shares will rank pari passu with the existing shares and application has been made for the 249,626 Common Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the New Common Shares will commence at 8:00am on or around October 14, 2025. The New Common Shares will also trade on the TSX Venture Exchange.
Mr Hird also requested that the Company's brokers sell the New Common Shares. The New Common Shares were sold at a price of 7.80 pence per share, with settlement due on October 14, 2025. Following these transactions, Mr Hird's beneficial interest will remain unchanged with no shareholding in the Company.
Following Admission, Cornish Metals' Issued and Outstanding share capital will consist of 1,253,751,619 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 | 1,300,000 | C$0.10 | 1,300,000 | October 13, 2025 |
| 7,066,667 | C$0.33 1 | 5,066,867 | July, 17, 2028 | |
| 800,000 | C$0.33 1 | 266,640 | October 1, 2028 | |
| 9,600,000 | C$0.16 2 | 3,266,667 | August 19,2029 | |
| 2,500,000 | C$0.16 2 | - | October 21, 2029 | |
| Performance Share Units | 12,315,951 | - | - | 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.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Matthew Hird |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Financial Officer |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Cornish Metals Inc. |
| b) | LEI | 8945007GJ5APA9YDN221 |
| a) | Description of the financial instrument, type of instrument | Common shares |
| Identification code | CA21948L1040 | |
| b) | Nature of the transaction | Net Exercise of share options pursuant to Company's share option plan |
| c) | Price(s) and volume(s) | 750,000 options exercised, net issue of 249,626 shares at nil price |
| d) | Aggregated information | |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 10 October 2025 |
| f) | Place of the transaction | Outside of a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Matthew Hird |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Financial Officer |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Cornish Metals Inc. |
| b) | LEI | 8945007GJ5APA9YDN221 |
| a) | Description of the financial instrument, type of instrument | Common shares |
| Identification code | CA21948L1040 | |
| b) | Nature of the transaction | Sale of Common Shares |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 7.8p | 249,626 | |
| d) | Aggregated information | |
| - Aggregated volume | As above | |
| - Price | ||
| e) | Date of the transaction | 10 October 2025 |
| f) | Place of the transaction | AIM |
ON BEHALF OF THE BOARD OF DIRECTORS
"Don Turvey"
Don Turvey
CEO and Director
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Caution regarding forward looking statements
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.