Home » Tertiary Minerals (TYM) » Tertiary Minerals #TYM – Grant of Warrants

Tertiary Minerals #TYM – Grant of Warrants

Tertiary Minerals plc, the AIM traded company building a multi-commodity project portfolio, announces that as part of the remuneration of employees and directors on 28 June 2021 the Board of the Company granted a total of 12,100,000 five-year warrants to subscribe for new Ordinary Shares of 0.1 pence each (“New Warrants”).

3,100,000 New Warrants were issued to employees of the Company and one non-executive director of the Company (“Employee Warrants”). The Employee Warrants are exercisable at 0.34 pence per share being the closing mid-market price on 25 June 2021, have a five-year term and do not become exercisable (vested) until 12 months from the date of issue.

Grantee No. of Warrants Warrant exercise price Vesting Period
Employees (4)


(Total of) 1,600,000 0.34 pence per share 12 months
Non-Executive Director

Mr Donald McAlister

1,500,000 0.34 pence per share 12 months

In addition, 9,000,000 New Warrants were issued to the Executive Chairman, Mr. Patrick Cheetham, as part of his remuneration and incentive package (“Chairman Warrants”). The Chairman Warrants have escalating exercise prices and vesting periods, as set out below, designed to align the potential rewards with a sustainable medium-term growth in the Company’s share price.

Grantee No. of Warrants Exercise Price Vesting Period
Mr. Patrick Cheetham 3,000,000 0.5 pence 12 months
3,000,000 1.0 pence 24 months
3,000,000 1.5 pence 36 months



Tertiary Minerals plc

Patrick Cheetham, Executive Chairman


Tel: +44 (0)1625 838 679
S P Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

Richard Morrison/Caroline Rowe


Tel: +44 (0)203 470 0470
Peterhouse Capital Limited

Joint Broker

Lucy Williams/Duncan Vasey


Tel: +44 (0)207 469 0930

Market Abuse Regulation

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘MAR’). Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside information is now considered to be in the public domain.

The notifications below, made in accordance with the requirements of the Market Abuse Regulations (EU) No. 596/2014, provides further detail on the issue of warrants to employees and directors.


Link here to view full warrant grant information by person

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