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LONDON - Tertiary Minerals plc, the AIM-listed exploration company focused on copper and precious metals in Zambia and Nevada, USA, has granted a total of 47,000,000 new warrants as part of remuneration for its employees and directors, it was announced on Friday.
The new warrants, which represent 1.3% of the existing issued share capital, were issued on Monday and are exercisable at 0.05 pence per share, matching the closing mid-market price on the preceding Friday. These warrants come with a five-year term and will vest 12 months from the date of issue.
Of the total warrants granted, 12,000,000 were allocated to employees, while the directors received 35,000,000. The breakdown of the director’s grants is as follows: Executive Chairman Patrick Cheetham and Managing Director Richard Belcher received 10,000,000 warrants each, while Non-Executive Directors Donald McAlister and Dr. Mike Armitage, along with Company Secretary Rod Venables, were each granted 5,000,000 warrants.
This move comes as part of the company’s compensation strategy, aiming to align the interests of its staff and directors with those of the shareholders by incentivizing performance and retention.
The announcement is made in line with the Market Abuse Regulation, ensuring transparency and compliance with UK financial regulations. The company has provided detailed information regarding the transactions to the public, as required by law.
Investors and market watchers typically view such grants as a means to retain and motivate key company personnel, potentially adding value to the company if the share price appreciates over time. However, the dilutive effect of warrant exercises on existing shareholders is also a consideration.
The information disclosed is based on a press release statement from Tertiary Minerals plc.
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