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Power Metal Resources #POW – Director and Advisor Performance Option Award

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to  announce the grant of options to Executive Directors (“Director Options”) and the creation of an options Pool to incentivise key advisors and consultants to the Company.

The exercise price for the options granted will be 2.0p per ordinary share of 0.1 pence each in the Company (“Ordinary Share”) representing a premium of 122% to the closing mid-market share price on 29 July 2020 of 0.9p.  All options will have a three-year life to expiry from today’s date.

Executive Director Options

The Company’s Executive Directors are to be awarded 20,000,000 options over Ordinary Shares allocated as 12,500,000 to Paul Johnson, Chief Executive Officer and 7,500,000 to Andrew Bell, Chairman (the “Director Options”). The Director Options will vest immediately, and, if possible, the Director Options are to be awarded under an Enterprise Management Incentive (“EMI”) tax protective scheme. 

The Director Options will be subject to a condition that they may only be exercised when Power Metal has traded with a volume weighted average share price of 2.0p or higher for at least 6 months.

Options Pool for Advisors and Consultants to the Company

The Company has also created an Options Pool totalling options over 15,000,000 Ordinary Shares with a life to expiry of three years and an exercise price of 2.0p per Ordinary Share  (the “Advisor Options”) for distribution at the Board’s discretion to business advisors and consultants who are, or may become, key to business growth and development and have been, or may be, important to the strategic and financial positioning of the Company.

Overall Summary of Director Options

Following the above Director Option issues the overall options held by the board are:

Director

Number of Ordinary Shares under option

Terms

Andrew Bell (Chairman)

13,613,929*

7,500,000

1.0p exercise price, 1.5p hurdle before exercise, expiry 15/02/2022

2.0p exercise price, expiry 30/07/2023

Paul Johnson (CEO)

13,613,929*

12,500,000

1.0p exercise price, 1.5p hurdle before exercise, expiry 15/02/2022

2.0p exercise price, expiry 30/07/2023

Scott Richardson Brown

(Non-executive director)

5,000,000*

500,000*

500,000*

1.0p exercise price, 1.5p hurdle before exercise, expiry 19/02/2023

5.0p exercise price, expiry 28/08/2023

5.0p exercise price, expiry 28/08/2023 (vest on 28/08/2020)

Iain Macpherson

(Non-executive director)

5,000,000*

16,667*#

16,667*#

16,666*#

 

1.0p exercise price, 1.5p hurdle before exercise, expiry 19/02/2023

20p exercise price, expiry 13/10/21

30p exercise price, expiry 13/10/21

40p exercise price, expiry 13/10/21

Edmund Shaw

(Non-executive director)

5,000,000*

1.0p exercise price, 1.5p hurdle before exercise, expiry 19/02/2023. Only exercisable after 12 months service.

* Existing options

# Options held by Ongeza Mining, a wholly owned subsidiary of Madini Minerals in which Iain Macpherson has a 75% interest. Mr Macpherson has advised that the disclosure of his interest held through Ongeza should now be presented in this manner.

Total

63,277,858

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

1. Andrew Bell

2

Reason for the notification

a)

Position/status

 

1.  Executive 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

options over ordinary shares of 0.1p each

Identification code

ISIN: GB00BYWJZ743

b)

Nature of the transaction

1.  Issue of 7,500,000 Director Options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

2.0 pence

7,500,000

d)

Aggregated information

– Aggregated volume

 7,500,000

 

– Price

2.0p

e)

Date of the transaction

30 July 2020

f)

Place of the transaction

Off market

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

1. Paul Johnson

2

Reason for the notification

a)

Position/status

 

1.  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

options over ordinary shares of 0.1p each

Identification code

ISIN: GB00BYWJZ743

b)

Nature of the transaction

1.  Issue of 12,500,000 Director Options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

2.0 pence

12,500,000

d)

Aggregated information

– Aggregated volume

12,500,000

 

– Price

2.0p

e)

Date of the transaction

30 July 2020

f)

Place of the transaction

Off market

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

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

Power Metal Resources plc

Paul Johnson (Chief Executive Officer)

+44 (0) 7766 465 617

SP Angel Corporate Finance (Nomad and Joint Broker)

Ewan Leggat/Charlie Bouverat

+44 (0) 20 3470 0470

SI Capital Limited (Joint Broker)

Nick Emerson                                                                                                           

+44 (0) 1483 413 500

First Equity Limited (Joint Broker)

David Cockbill/Jason Robertson

+44 (0) 20 7330 1883

Notes to Editors:

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including gold exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

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