EXERCISE OF STOCK OPTIONS AND ISSUE OF EQUITY

RNS Number : 7061X

Cornish Metals Inc.

07 January 2022

 

CORNISH METALS ANNOUNCES EXERCISE OF STOCK OPTIONS AND ISSUE OF EQUITY & PDMR DEALINGS

January 7, 2022

Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the "Company"), a mineral exploration and development company focused on its projects in Cornwall, United Kingdom, announces the exercise of stock options for 1,250,000 common shares without par value at a price of 15 cents per common share and 200,000 common shares without par value at a price of 20 cents per common share in the share capital of the Company (together the "New Shares") for an aggregate consideration of C$227,500 (£132,100).

Of the above, the 1,250,000 options with a price of 15 cents per common share were exercised by PDMR's of the Company as follows:

PDMR	Options exercised	Resultant shareholding	Percentage shareholding on Admission
Richard Williams	500,000	1,750,000	0.61%
Patrick Anderson	250,000	505,333	0.18%
Kenneth Armstrong	250,000	318,625	0.11%
D. Grenville Thomas (1) (2)	250,000	9,277,670	3.25%

Note 1: This figure includes 4,638,167 common shares which are held indirectly in the name of Anglo Celtic Exploration Limited, a private company held by Mr Thomas.

Note 2: This figure also includes 250,000 stock options exercised which are held in the name of The David Grenville Thomas Alter Ego Trust in which Mr Thomas is the sole beneficiary.

The New Shares will rank pari passu with the existing shares and application has been made for the 1,450,000 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 January 12, 2022. The New Shares will also trade on the TSX Venture Exchange.

Following Admission, Cornish Metals' Issued and Outstanding share capital will consist of 285,535,157 shares. The Company does not hold any 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.

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	1)  Richard Williams 2)  Patrick Anderson 3)  Kenneth Armstrong 4)  D. Grenville Thomas
2	Reason for the notification
a)	Position/status	1)  President & Chief Executive Officer 2)  Non-Executive Chairman 3)  Non-Executive Director 4)  Non-Executive Director
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	Common shares without par value
	Identification code	CA21948L1040
b)	Nature of the transaction	Exercise of options over common shares of no par value each
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			1. $0.15 2. $0.15 3. $0.15 4. $0.15	1. 500,000 2. 250,000 3. 250,000 4. 250,000
d)	Aggregated information
	- Aggregated volume	As above
	- Price
e)	Date of the transaction	January 6, 2022
f)	Place of the transaction	Outside of a trading venue

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 .

ABOUT CORNISH METALS

Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper / tin projects, plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016 ). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.

For additional information please contact:

In North America:

Irene Dorsman at [phone] or by e-mail at [e-mail]  

SP Angel Corporate Finance LLP (Nominated Adviser & Joint Broker)	Tel:	[phone]
	Richard Morrison
	Charlie Bouverat
	Grant Barker

Hannam & Partners (Joint Broker)	Tel:	[phone]
	Matthew Hasson
	Andrew Chubb
	Ernest Bell
Blytheweigh (Financial PR/IR-London)	Tel:	[phone]
	Tim Blythe	[e-mail]
	Megan Ray	[e-mail]

ON BEHALF OF THE BOARD OF DIRECTORS

"Richard D. Williams"

Richard D. Williams, P.Geo

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 "forward-looking statements". Forward-looking statements, while based on management's best estimates and assumptions at the time such statements are made, 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 COVID-19 global pandemic and any variants of COVID-19 which may arise;  risks related to the availability of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; 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.

Although Cornish Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cornish Metals undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

 

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