Metals & Minerals News

Corcel grants 21m share options to directors-staff

Corcel plc has granted 20,606,278 five-year share options, of which 8,447,197 are under its existing enterprise management scheme, to directors and key staff.

Vesting: depends on the award of a nickel-cobalt mining lease (stock photo)

PREMIUM

Each option carries one ordinary share of £0.0001 in the capital of the company at a strike price of £0.017, being a 26% premium to the most recent closing price of 25 February. 

Executive chairman James Parsons and chief executive Scott Kaintz each received 6,547,197 options; non-executive directors Ewen Ainsworth and Henry Bellingham, 2,805,942 each; and other personnel a total 1,900,000.

The options have a three-year vesting period dependent on the award of a mining lease at the company’s Mambare nickel-cobalt project in Papua New Guinea.

Following the awards, Mr Parsons now holds 5,232,873 shares, representing 1.31% of the issued share capital, with 2,381,250 warrants and 9,587,764 options.

Mr Kaintz has 4,325,219 shares (1.08%), 2,185,417 warrants and 9,711,964 options.

Mr Bellingham has 2,805, 942 options, and Mr Ainsworth has 2,253,429 shares (0.56%), 1,281,250 warrants and 2,805,942 options.