EXERCISE OF STOCK OPTIONS, ISSUE OF EQUITY & PDMR
Cornish Metals Inc. announced that Non-Executive Chairman Patrick F. N. Anderson exercised 750,000 stock options at 10 cents per common share, resulting in an aggregate consideration of C$75,000 (approximately £40,079). Following this transaction, Anderson's beneficial interest in the company is 1,425,271 common shares, representing 0.11% of the issued share capital. Application has been made for the 750,000 new common shares to be admitted to trading on AIM, with dealings expected to commence around October 20, 2025; the shares will also trade on the TSX Venture Exchange. Post-admission, the company's issued and outstanding share capital will consist of 1,254,501,619 common shares. The company's outstanding stock options include 7,066,667 at C$0.33, 800,000 at C$0.33 and 9,600,000 at C$0.16.
Select text to share a quote on X · sign in to keep highlights & notes in your TIN notes
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 Non-Executive Chairman, Mr Patrick F. N. Anderson, has exercised 750,000 options over common shares (the "New Common Shares") in the Company at an exercise price of 10 cents per common share for an aggregate consideration of C$75,000 (equivalent to £40,079).
Following this purchase, Mr Anderson has a beneficial interest in 1,425,271 common shares representing 0.11% of the issued share capital in the Company.
The New Common Shares will rank pari passu with the existing shares and application has been made for the 750,000 New 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 20, 2025. The New Common Shares will also trade on the TSX Venture Exchange.
Following Admission, Cornish Metals' Issued and Outstanding share capital will consist of 1,254,501,619 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 and performance share units are as set out in the table below:
| Outstanding | Exercise Price | Exercisable | Expiry date | |
|---|---|---|---|---|
| Options | 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. The exercise price of C$0.33 reflects the weighted average price of the options based on the latest exchange rate.
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. The exercise price of C$0.16 reflects the weighted average price of the options based on the latest exchange rate.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Patrick F. N. Anderson |
| 2 | Reason for the notification | |
| a) | Position/status | Non-Executive Chairman |
| 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 | Exercise of share options pursuant to Company's share option plan |
| c) | Price(s) and volume(s) | 750,000 options exercised at 10 cents |
| d) | Aggregated information | |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 13 October 2025 |
| f) | Place of the transaction | Outside of a trading venue |
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/yOOzmy
Caution regarding forward looking statements
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.