Grant of Warrants
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Tertiary Minerals plc (AIM:TYM), the London listed explorer focused on copper and precious metals in Zambia and Nevada, USA, announces that as part of the remuneration of employees and directors, on 14 February 2024, the Board of the Company granted a total of 10,000,000 five-year warrants to subscribe for new Ordinary Shares of 0.01 pence each ("New Warrants").
4,000,000 of the New Warrants were issued to employees of the Company, and 6,000,000 of the New Warrants were issued to the directors of the Company, as set out in the table below. The New Warrants are exercisable at 0.085 pence per share, being the closing mid-market price on 13 February 2024, have a five-year term and do not become exercisable (vested) until 12 months from the date of issue.
| Grantee | Position | No. of Warrants | Exercise price (pence per share) | Vesting Period |
| Patrick Cheetham | Executive Chairman | 2,000,0000 | 0.085p | 12 months |
| Donald McAlister | Non-Executive Director | 2,000,0000 | 0.085p | 12 months |
| Dr. Mike Armitage | Non-Executive Director | 2,000,0000 | 0.085p | 12 months |
| Employees (4) | 4,000,0000 | 0.085p | 12 months | |
| a) | Name: | Patrick Cheetham | ||
| 2. | Reason for the notification | |||
| a) | Position/status: | Executive Chairman | ||
| b) | Initial notification/Amendment: | Initial notification | ||
| a) | Name: | Tertiary Minerals plc | ||
| b) | LEI: | 213800OT9C6DQN9VO543 | ||
| a) | Description of the financial instrument, type of instrument: Identification code: | Warrants, each warrant to subscribe for one ordinary share of 0.01p each GB0008854563 (Ordinary Shares) | ||
| b) | Nature of the transaction: | Grant of warrants to subscribe for new ordinary shares | ||
| c) | Price(s) and volume(s): | Price(s) Volume(s) Exercise price of 0.085 pence 2,000,000 warrants | ||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.085 pence 2,000,000 warrants | ||
| e) | Date of the transaction: | 14 February 2024 13:00 UTC | ||
| f) | Place of the transaction: | Outside a trading venue | ||
| .1 | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name: | Donald McAlister | ||
| 2. | Reason for the notification | |||
| a) | Position/status: | Non-Executive Director | ||
| b) | Initial notification/Amendment: | Initial notification | ||
| a) | Name: | Tertiary Minerals plc | ||
| b) | LEI: | 213800OT9C6DQN9VO543 | ||
| a) | Description of the financial instrument, type of instrument: Identification code: | Warrants, each warrant to subscribe for one ordinary share of 0.01p each GB0008854563 (Ordinary Shares) | ||
| b) | Nature of the transaction: | Grant of warrants to subscribe for new ordinary shares | ||
| c) | Price(s) and volume(s): | Price(s) Volume(s) Exercise price of 0.085 pence 2,000,000 warrants | ||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.085 pence 2,000,000 warrants | ||
| e) | Date of the transaction: | 14 February 2024 13:00 UTC | ||
| f) | Place of the transaction: | Outside a trading venue | ||
| .1 | Details of the person discharging managerial responsibilities/person closely associated | |||
| a) | Name: | Dr. Mike Armitage | ||
| 2. | Reason for the notification | |||
| a) | Position/status: | Non-Executive Director | ||
| b) | Initial notification/Amendment: | Initial notification | ||
| a) | Name: | Tertiary Minerals plc | ||
| b) | LEI: | 213800OT9C6DQN9VO543 | ||
| a) | Description of the financial instrument, type of instrument: Identification code: | Warrants, each warrant to subscribe for one ordinary share of 0.01p each GB0008854563 (Ordinary Shares) | ||
| b) | Nature of the transaction: | Grant of warrants to subscribe for new ordinary shares | ||
| c) | Price(s) and volume(s): | Price(s) Volume(s) Exercise price of 0.085 pence 2,000,000 warrants | ||
| d) | Aggregated information: Aggregated volume: Price: | Single transaction as in 4 c) above Price(s) Volume(s) 0.085 pence 2,000,000 warrants | ||
| e) | Date of the transaction: | 14 February 2024 13 : 00 UTC | ||
| f) | Place of the transaction: | Outside a trading venue |
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