Metals Explorations plc has issued 318 million options under its long term incentive programme to certain directors and senior management.
TVR
Approval to authorise the directors to issue up to 15% of the company’s issued capital as options was granted at a general meeting in August 2024.
Options to subscribe for 221.5m ordinary shares are under tranche A and a further 96.5m relate to the acquisition of Condor Gold in lieu of payment of cash bonuses.
The options have an exercise price of £0.0001 per ordinary share over a period of seven years and vest on condition of employment and increasing share price.
Chief executive Darren Bowden received 180m options taking his total held to 189.5m; chief financial offer Michael Langoulant, 45m (48.5m); non-executive directors Andrew Chubb, David Cather and Tim Livesey, 4m each.
Metals also issued 13,563,930 new ordinary shares at an average issue price of £0.0344 to members of the senior management team, in accordance with the 2022 – 2024 management incentive programmes.
Mr Bowden received 11,051,915 shares to hold 19,309,250 equal to 0.75% of the company’s issued share capital.
Mr Langoulant received 872,180 shares and now has 6,370,406 (0.25%).
Following admission of the 13,563,930 new ordinary shares, Metals will have 2,965,439,489 ordinary shares in issue, of which 393,513,312 ordinary shares as held in treasury.
The total number of voting rights is therefore 2,571,926,177.
The company has also issued the new ordinary shares of £0.0001, options and warrants under the Condor acquisition terms to roll over certain existing Condor options and warrants into new Metals options and warrants on equivalent terms.
The company issued in aggregate 108,192,284 options to acquire ordinary shares each between £0.0397 and £0.0725 on varying dates from 29 May 2025 to 29 May 2029.
A total 31,671,104 warrants were also issued to acquire ordinary shares each at an exercise price of £0.0605 on or before 21 January 2028.