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LONDON - Asiamet Resources Limited (AIM:ARS) has established a long-term incentive program for key executives that links compensation to specific development milestones for its BKM Copper Project in Central Kalimantan, Indonesia, according to a company statement on Monday.
The incentive program consists of performance rights convertible into common shares upon meeting predetermined targets across three sequential tranches. The company has issued 79,849,067 Tranche 1 Performance Rights to executives, with Executive Chairman Tony Manini receiving 20,449,761 rights and Chief Executive Officer Darryn McClelland receiving 24,599,713 rights.
Vesting criteria for the first tranche include completion of a full project finance facility for BKM mine development and completion of process plant detailed engineering design. The second tranche will vest at the six-month anniversary of the first drawdown of project finance and completion of heap leach facility earthworks. The third tranche requires delivery of the BKM project on time and within budget, plus achieving average production of 850 tonnes of copper cathode monthly over any six-month period.
Tranche 1 Performance Rights will convert at 0.912 pence per right, representing a 20% premium to the floor price of 0.76 pence. Subsequent tranches will be priced at premiums to the company’s most recent capital raise at the time of issuance. A 12-month minimum holding period will apply to any new shares issued under the program.
According to the press release statement, the incentive program aims to align executive compensation with shareholder value creation through the achievement of key project milestones.
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