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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cornish Metals Inc | TSXV:CUSN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.025 | 21.74% | 0.14 | 0.135 | 0.14 | 0.155 | 0.14 | 0.155 | 564,475 | 16:23:20 |
The exercise price of the Options granted herein is £0.085 per share (C$0.14). These Options have a five-year term, whereby the Options vest over a three-year period, with one third of the Options vesting at the end of each year. The Options will expire on August 19, 2029.
The Company’s Stock Option Plan allows for the issuance of up to 10% of the Issued Share Capital of the Company. Prior to this grant, the Company had 14,550,000 options issued, representing 2.72% of the Issued Share Capital of the Company (535,270,712 shares). The current issuance of 12,400,000 options takes the total number of options granted to 26,950,000, representing 5.03% of the Issued Share Capital.
PDMR Option Grants
Owen Mihalop, Matthew Hird and Fawzi Hanano have been granted the following options:
Name | Position | Number of Options granted | Total Share options Held |
Owen Mihalop | Chief Operating Officer | 2,000,000 | 4,750,000 |
Matthew Hird | Chief Financial Officer | 1,600,000 | 3,950,000 |
Fawzi Hanano | Chief Development Officer | 1,600,000 | 2,400,000 |
The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.
1 | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name |
| |||
2 | Reason for the notification | ||||
a) | Position/status |
| |||
b) | Initial notification /Amendment | Initial notification | |||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | Cornish Metals Inc. | |||
b) | LEI | 8945007GJ5APA9YDN221 | |||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||||
a) | Description of the financial instrument, type of instrument | Options over common shares without par value | |||
Identification code | CA21948L1040 | ||||
b) | Nature of the transaction | Grant of options pursuant to the Company LTIP | |||
c) | Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
|
| ||||
d) | Aggregated information | ||||
- Aggregated volume | 5,200,000 | ||||
- Price | 8.50 pence | ||||
e) | Date of the transaction | 19 August 2024 | |||
f) | Place of the transaction | Outside of a trading venue |
ABOUT CORNISH METALS
Cornish Metals is a dual-listed mineral exploration and development company (AIM and TSX-V: CUSN) focused on advancing the South Crofty high-grade, underground tin project through to a construction decision, as well as exploring its additional mineral rights, located in Cornwall, United Kingdom.
The 2024 Preliminary Economic Assessment for South Crofty is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorised as mineral reserves. There is no certainty that the 2024 Preliminary Economic Assessment will be realised. Mineral resources that are not mineral reserves do not have demonstrated economic viability.
TECHNICAL INFORMATION
This news release has been reviewed and approved by Mr. Owen Mihalop, MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng, Chief Operating Officer for Cornish Metals Inc. who is the designated Qualified Person under NI 43-101 and a Competent Person as defined under the JORC Code (2012). Mr. Mihalop consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.
ON BEHALF OF THE BOARD OF DIRECTORS
“Kenneth A. Armstrong”Kenneth A. Armstrong P.Geo.
Engage with us directly at our investor hub. Sign up at: https://investors.cornishmetals.com/link/4r865y
For additional information please contact:
Cornish Metals | Fawzi HananoIrene Dorsman | investors@cornishmetals.com info@cornishmetals.com |
Tel: +1 (604) 200 6664 | ||
SP Angel Corporate Finance LLP (Nominated Adviser & Joint Broker) | Richard Morrison Charlie Bouverat Grant Barker | Tel: +44 203 470 0470 |
Cavendish Capital Markets Limited(Joint Broker) | Derrick LeeNeil McDonaldLeif Powis | Tel: +44 131 220 6939Tel: +44 207 220 0500 |
Hannam & Partners(Financial Adviser) | Matthew HassonAndrew Chubb Jay Ashfield | cornish@hannam.partners Tel: +44 207 907 8500 |
BlytheRay(Financial PR) | Tim Blythe Megan Ray | cornishmetals@blytheray.com Tel: +44 207 138 3204 |
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution regarding forward looking statements
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”). Forward-looking statements include predictions, projections, outlook, guidance, estimates and forecasts and other statements regarding future plans and operations, the realisation, cost, timing and extent of mineral resource or mineral reserve estimates, estimation of commodity prices, currency exchange rate fluctuations, estimated future exploration expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, requirements for additional capital and the Company’s ability to obtain financing when required and on terms acceptable to the Company, future or estimated mine life and other activities or achievements of Cornish Metals, including but not limited to: the balance of the cash consideration due to Cornish in respect of the sale of the Mactung and Cantung royalty interests; mineralisation at South Crofty, mine dewatering and construction requirements; the development, operational and economic results of the preliminary economic assessment, including cash flows, capital expenditures, development costs, extraction rates, recovery rates, mining cost estimates and returns; estimation of mineral resources; statements about the estimate of mineral resources and production of minerals; magnitude or quality of mineral deposits; anticipated advancement of the South Crofty project mine plan; exploration potential and project growth opportunities for the South Crofty tin project and other Cornwall mineral properties, the Company’s ability to evaluate and develop the South Crofty tin project and other Cornwall mineral properties, strategic vision of Cornish Metals and expectations regarding the South Crofty mine, timing and results of projects mentioned. Forward-looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could”, “would” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, are forward-looking statements that involve various risks and uncertainties and there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Forward-looking statements are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the availability of financing; the timing and content of upcoming work programmes; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; outcome of any future feasibility studies; projected dates to commence mining operations; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. The list is not exhaustive of the factors that may affect Cornish’s forward-looking statements.
Cornish Metals’ forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward- looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cornish Metals does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations or opinions should change other than as required by applicable law.
Caution regarding non-IFRS measures
This news release contains certain terms or performance measures commonly used in the mining industry that are not defined under International Financial Reporting Standards ("IFRS"), including "all-in sustaining costs". Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore they may not be comparable to similar measures employed by other companies. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and should be read in conjunction with Cornish Metals’ consolidated financial statements and Management Discussion and Analysis, available on its website and on SEDAR+ at www.sedarplus.ca.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.
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