Cornish Metals Inc has granted 12.4 million incentive stock options, each at an exercise price of £0.085 (C$0.14) over common shares without par value, to its executive management and senior staff.
The five-year options will vest over a three-year period, with one third of the options vesting at the end of each year, and expire on 19 August 2029.
The Canadian company granted 5.2m options to persons discharging managerial responsibilities.
Chief operating officer Owen Mihalop received 2m options taking his total held to 4.75m; chief financial officer Matthew Hird received 1.6m for a total 3.95m; and chief development officer Fawzi Hanano 1.6m for a total 2.4m.
The grant of 12.4m options takes the total granted to 26,950,000, representing 5.03% of Cornish Metals’ issued share capital.
The company’s stock option plan allows for the issuance of up to 10% of its issued share capital.