Power Metal Resources plc granted options over 77.5 million new ordinary shares of 0.1 pence each in the company to certain directors and staff.
The options for new ordinary shares are at an exercise price of 1.50p with a life of five years from 1 August 2023, with a one-year vesting period.
Certain board directors received a total 37.5m options including chief executive officer Sean Wade awarded 12.5m options taking his total held to 25m; chairman Scott Brown: 10m (21m); non-executive director (NED) Edmund Shaw: 10m (20m); and NED Douglas Good: 5m (10m).
Share options held by directors now total 81m.
TEAM POOL OPTIONS
Power Metal has also granted staff a new pool of 40m options to be allocated on the board’s instructions to non-board team members and on the same terms as the director options.
The team awards take the pool total to 80m, equal to 4% of the comany’s current issued shared capital.
Power Metal added that all board and team options would be written under new enterprise management initiative schemes for “tax efficiency” and to maximise the potential cash return to its employees.