Grant of Director, Management and Staff Options

Power Metal Resources PLC

02 August 2023

 

02 August 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Grant of Director, Management and Staff Options

Power Metal Resources PLC (AIM:POW), the AIM listed metals exploration and development company, announces that it has granted options over 77.5 million new ordinary shares of 0.1 pence each in the Company ("Ordinary Shares")   to certain Directors and staff members to subscribe for new Ordinary Shares at an exercise price of 1.50p with a life to expiry of 5 years from yesterday's date with a one-year vesting period (the "Options")

Power Metal recognises the value of incentivising team members at all levels through reasonable salaries combined with equity participation through share options, aligning the team with shareholder interests.

Further details on the grant of options are provided below and recognise the immense contribution made by the team to the rapid development of the Company and the strategic current value of its broad-spectrum natural resource focused exploration and development portfolio.

Further Information

37.5 million Options have been granted to Power Metal board directors (the "Director Options"). The Director Options, along with a summary of existing options held are outlined in the tables below:

Existing options held by Directors

Director	Existing options held	Exercise price (p)	Expiry
Sean Wade	12,500,000	3.25	10.3.26
	1,000,000	5	28.8.23
Scott Richardson Brown	5,000,000	1	19.8.23
	5,000,000	3.25	4.6.24
Edmund Shaw	5,000,000	1	19.8.23
	5,000,000	3.25	4.6.24
Owain Morton	5,000,000	3.25	4.6.24
Douglas William Brodie Good	5,000,000	3.25	5.5.26
Total Existing options held	43,500,000

Director Options Granted

Director	Options Granted	Exercise price (p)	Expiry	Total Options Held
Sean Wade	12,500,000	1.5	1.8.28	25,000,000
Scott Richardson Brown	10,000,000	1.5	1.8.28	21,000,000
Edmund Shaw	10,000,000	1.5	1.8.28	20,000,000
Owain Morton	Nil	n/a	n/a	5,000,000
Douglas William Brodie Good	5,000,000	1.5	1.8.28	10,000,000
Total	37,500,000			81,000,000

A new pool totalling 40 million Options has been granted to Power Metal employees, to be allocated in line with the Board's instructions to non-Board team members, and with the same terms as the Director Options above ("Team Options"). The Team Options are in addition to 40 million previously granted options to the team (3.25p exercise price, expiry 4 June 2024) and therefore the non-Board Power Metal employees in total will share in a combined total of 80 million options or circa 4% of currently issued ordinary share capital.

Where possible the Board and Team Options will be written under new Enterprise Management Initiative ("EMI") schemes for tax efficiency and to maximise the potential cash return to employees of the Company.

Related Party Note

The issue of the Director Options to Scott Richardson Brown, Sean Wade, Edmund Shaw and Douglas William Brodie Good has been deemed to constitute related party transactions for the purposes of AIM Rule 13 of the AIM Rules for Companies.

Owain Morton being the Director independent of the issue of the Director Options considers, having consulted with the Company's nominated adviser, SP Angel, the issue of the Director Options in respect of the related parties are fair and reasonable insofar as the Shareholders are concerned.

PDMR DISCLOSURE

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Scott Richardson Brown
2	Reason for the notification
a)	Position/status	Chairman
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Power Metal Resources Plc
b)	LEI	213800VNXOUPHTX53686
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	ordinary shares of 0.1p each
	Identification code	ISIN: GB00BYWJZ743
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			1.5p	10,000,000
d)	Aggregated information
	- Aggregated volume	10,000,000
	- Price	1.5p
e)	Date of the transaction	1 August 2023
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Sean Edward Wade
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Power Metal Resources Plc
b)	LEI	213800VNXOUPHTX53686
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	ordinary shares of 0.1p each
	Identification code	ISIN: GB00BYWJZ743
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			1.5p	12,500,000
d)	Aggregated information
	- Aggregated volume	12,500,000
	- Price	1.5p
e)	Date of the transaction	1 August 2023
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Edmund Shaw
2	Reason for the notification
a)	Position/status	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	Power Metal Resources Plc
b)	LEI	213800VNXOUPHTX53686
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	ordinary shares of 0.1p each
	Identification code	ISIN: GB00BYWJZ743
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			1.5p	10,000,000
d)	Aggregated information
	- Aggregated volume	10,000,000
	- Price	1.5p
e)	Date of the transaction	1 August 2023
f)	Place of the transaction	Off Market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Douglas William Brodie Good
2	Reason for the notification
a)	Position/status	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	Power Metal Resources Plc
b)	LEI	213800VNXOUPHTX53686
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	ordinary shares of 0.1p each
	Identification code	ISIN: GB00BYWJZ743
b)	Nature of the transaction	Issue of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			1.5p	5,000,000
d)	Aggregated information
	- Aggregated volume	5,000,000
	- Price	1.5p
e)	Date of the transaction	1 August 2023
f)	Place of the transaction	Off Market

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Sean Wade (Chief Executive Officer)	[phone]
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	[phone]
SI Capital Limited (Joint Broker)
Nick Emerson	[phone]
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	[phone]

BlytheRay (PR Advisors)	[phone]
Tim Blythe
Megan Ray

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange, thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to grow the Company or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

 

END