TIDMCUSN
RNS Number : 2648O
Cornish Metals Inc.
02 October 2023
CORNISH METALS CHANGE IN FINANCIAL YEAR AND GRANT OF STOCK
OPTIONS
Vancouver, October 1, 2023
Cornish Metals Inc. (TSX-V/AIM: CUSN) ("Cornish Metals" or the
"Company"), a mineral exploration and development company focused
on its South Crofty tin project in Cornwall, United Kingdom,
announces that it is changing its financial year end from 31
January to 31 December and that it has granted 800,000 incentive
stock options over common shares without par value in the Company
(the "options") to Executive Management.
Change of Year-End
The Company has decided to change its financial year end to 31
December to better align the Company's financial reporting periods
to that of its peer group in the mineral resources sector. In
addition, the calendar year end coincides with traditional
financial, taxation and operational cycles.
As a result of the change of the financial year end, key dates
in the Company's future reporting calendar will be as follows:
-- Publication of unaudited accounts for the nine month period
ending 31 October 2023 no later than 1 January 2024;
-- Publication of audited accounts for the eleven month period
ending 31 December 2023 no later than 29 April 2024;
-- Publication of unaudited accounts for the three month period
ending 31 March 2024 no later than 30 May 2024; and
-- Publication of unaudited accounts for the six month period
ending 30 June 2024 no later than 29 August 2024.
Further details on the Company's reporting periods required
pursuant to the Company's listing on the TSX-V are set out in the
Notice filed on Sedar.
PDMR Option Grant
The Board of Directors has approved the issuance of 800,000
options to Fawzi Hanano, Chief Development Officer. To ensure
alignment with the Company's shareholders, the options granted
herein have an exercise price of GBP0.18 per share, the same as the
options granted earlier this year (see news release dated July 17,
2023 ) and as the investment price paid by Vision Blue Resources
when the Company raised GBP40.5M (C$65M) in May 2022 (see news
release dated May 23, 2022 ). These options have a five-year term,
whereby the options vest over a three-year period, with one third
of the options vesting at the end of each year. The options will
expire on September 30, 2028.
The Company's Stock Option Plan allows for the issuance of up to
10% of the Issued Capital of the Company. Prior to this grant, the
Company had 16,150,000 options issued, representing 3.02% of the
Issued Capital of the Company (535,270,712). The current issuance
of 800,000 options takes the total number of options granted to
16,950,000, representing 3.17% of the Issued Capital.
Fawzi Hanano was granted the following options:
Name Position Number of shares Total Share options
subject to the Held
options granted
Chief Development
Fawzi Hanano Officer 800,000 800,000
------------------- ----------------- -------------------
The notification below, made in accordance with the requirements
of the UK Market Abuse Regulation, provides further detail.
Details of the person discharging managerial
1 responsibilities / person closely associated
a) Name 1. Fawzi Hanano
---------------------- -----------------------------------------
Reason for the notification
2
-----------------------------------------------------------------
a) Position/status 1. Chief Development Officer
---------------------- -----------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------- -----------------------------------------
Details of the issuer, emission allowance
3 market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------
a) Name Cornish Metals Inc.
---------------------- -----------------------------------------
b) LEI 8945007GJ5APA9YDN221
---------------------- -----------------------------------------
Details of the transaction(s): section to
4 be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------
a) Description options over common shares without
of the financial par value
instrument,
type of instrument
Identification CA21948L1040
code
b) Nature of Grant of options pursuant to the
the transaction Company LTIP
---------------------- -----------------------------------------
c) Price(s)
and volume(s)
------------------ ------------------
Price(s) Volume(s)
------------------ ------------------
1. 18.00 pence 1. 800,000
---------------------------------------------- ------------------
d) Aggregated N/A
information
- Aggregated N/A
volume
- Price 18 pence
e) Date of the 30 September 2023
transaction
---------------------- -----------------------------------------
f) Place of Outside of a trading venue
the transaction
---------------------- -----------------------------------------
ABOUT CORNISH METALS
Cornish Metals is a dual-listed company (AIM and TSX-V: CUSN)
focused on advancing the South Crofty high-grade, underground tin
Project through to delivery of a Feasibility Study, as well as
exploring its additional mineral rights, all located in Cornwall,
United Kingdom. Cornish Metals has a growing team of skilled
people, local to Cornwall. The former producing South Crofty tin
mine is located beneath the towns of Pool and Camborne, and closed
in 1998 following over 400 years of continuous production.
An updated Mineral Resource was completed in September 2023 as
summarised below:
South Crofty Summary (JORC 2012) Mineral Resource Estimate
Area Classification Mass Grade Contained Tin
(kt) /
Tin Equivalent
(kt)
---------------- ------ ----------- ----------------
Lower Mine Indicated 2,896 1.50% Sn 43.6
---------------- ------ ----------- ----------------
Inferred 2,626 1.42% Sn 37.4
----------------------------- ------ ----------- ----------------
Upper Mine Indicated 260 0.99% SnEq 2.6
---------------- ------ ----------- ----------------
Inferred 465 0.91% SnEq 4.2
----------------------------- ------ ----------- ----------------
The Mineral Resource Estimate for South Crofty was updated in
September 2023 (see news release dated September 13, 2023 ). An
updated NI 43-101 Technical Report will be filed on SEDAR within 45
days of the September 13 news release.
The technical information in this news release has been compiled
by Mr. Owen Mihalop who has reviewed and takes responsibility for
the data and geological interpretation. Mr. Owen Mihalop (MCSM, BSc
(Hons), MSc, FGS, MIMMM, CEng) is Chief Operating Officer for
Cornish Metals Inc. and has sufficient experience relevant to the
style of mineralisation and type of deposit under consideration and
to the activity which he is undertaking to qualify as a Competent
Person as defined under the JORC Code (2012) and as a Qualified
Person under NI 43-101. Mr. Mihalop consents to the inclusion in
this announcement of the matters based on his information in the
form and context in which it appears .
ON BEHALF OF THE BOARD OF DIRECTORS
"Richard D. Williams"
Richard D. Williams, P.Geo
For additional information please contact:
In North America : Irene Dorsman at (604) 200 6664 or by e-mail
at irene@cornishmetals.com
SP Angel Corporate Finance Richard Morrison Tel: +44 203 470 0470
LLP Charlie Bouverat
(Nominated Adviser & Joint Grant Barker
Broker)
Hannam & Partners Matthew Hasson Tel: +44 207 907 8500
(Joint Broker) Andrew Chubb email: cornish@hannam.partners
Jay Ashfield
BlytheRay Tim Blythe Tel: +44 207 138 3204
(Financial PR/IR-London) Megan Ray email: tim.blythe@blytheray.com
megan.ray@blytheray.com
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information pursuant to Article 7
of EU Regulation 596/2014 as it forms part of UK domestic law by
virtue of the European Union (Withdrawal) Act 2018 as amended.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release .
Caution regarding forward looking statements
This news release contains "forward-looking statements".
Forward-looking statements, while based on management's best
estimates and assumptions at the time such statements are made, are
subject to risks and uncertainties that may cause actual results to
be materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to receipt of regulatory approvals, risks related to
general economic and market conditions; risks related to the
COVID-19 global pandemic and any variants of COVID-19 which may
arise; risks related to the availability of financing; the timing
and content of upcoming work programmes; actual results of proposed
exploration activities; possible variations in Mineral Resources or
grade; outcome of the current Feasibility Study; projected dates to
commence mining operations; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and
other risks of the mining industry; changes in national and local
government regulation of mining operations, tax rules and
regulations.
Although Cornish Metals has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking statements, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Cornish Metals undertakes no obligation or
responsibility to update forward-looking statements, except as
required by law.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCUPGPWUUPWGRG
(END) Dow Jones Newswires
October 02, 2023 02:00 ET (06:00 GMT)
Cornish Metals (LSE:CUSN)
Gráfica de Acción Histórica
De Oct 2024 a Nov 2024
Cornish Metals (LSE:CUSN)
Gráfica de Acción Histórica
De Nov 2023 a Nov 2024
