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Metals Exploration appoints three non-exec directors

By BFN News | 09:34 AM | Thursday 22 April, 2021

Metals Exploration plc has appointed of three new non-executive directors to the board with each being issued 6,600,000 zero priced options, subject to shareholder approval. David Cather will join as independent non-executive chairman, having formerly been CEO (Mining) of Abu Dhabi Capital Group and Avocet Mining plc. Jeremy Wrathall has been appointed as independent non-executive director. He is CEO of Cornish Lithium Ltd and formerly global head of natural resources - London at Investec Finally, Andrew Chubb will join the board as non-executive director. He is currently partner and head of mining at investment bank Hannam & Partners. Subject to the approval by shareholders at the next AGM, together with any other applicable consents, the company intends to offer each of the three new Non-Executive Directors the ability to participate in a company option incentive scheme, once adopted, on the following basis: ? Each new Non-Executive Director to be issued 6,600,000 zero priced options; ? Provided the individual remains a director of the Company, the option vesting conditions include (i) one third of the options vest on issue, (ii) one third of the options vest on the first anniversary of issue, and (iii) one third of the options vest on the second anniversary of issue; ? The options are exercisable after vesting provided the 30 day volume weighted average price (VWAP) of the Company's quoted shares exceed 143% of the 30 day VWAP price on the date of their appointment; and ? Subject to the parties entering into an option scheme deed containing market standard terms and conditions for such deed and scheme. The Company is in the process of developing an incentive plan to make appropriate awards to executive management which may be under the same option scheme or under a separate management incentive scheme. Further details will be provided to shareholders for approval once the details are finalised. The new non-executive directors are expected to be appointed as members of the company's board committees, which will be formalised at the next board meeting in early May 2021. At 9:34am: (LON:MTL) Metals Exploration PLC share price was 0p at 1.85p Story provided by

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