RNS Number : 7148N
Europa Metals Ltd
24 January 2023
 

24 January 2023

Europa Metals Ltd

("Europa Metals", the "Company" or the "Group") (AIM, AltX: EUZ)

Fee Conversions, Grant of Options and Performance Rights,

Directors' Dealings and Issue of Equity

Europa Metals, the European focused lead, zinc and silver developer, announces, further to its announcement of 26 January 2022, the conversion by certain of its directors of an aggregate amount of £42,880 of deferred/accrued remuneration for the six month period ended 31 December 2022 into new ordinary shares of no par value in the capital of the Company ("Ordinary Shares") (the "Fee Conversions"). Pursuant to the Fee Conversions, the Company is today issuing, in aggregate, 1,245,988 new Ordinary Shares (the "Conversion Shares") at a blended issue price of approximately 3.44 pence per share as determined by applying the relevant monthly volume weighted average price for the Company's Ordinary Shares on AIM and relevant month end AUD:GBP exchange rate, as applicable, to 50 per cent. of each participating director's fees/salary for the period concerned. Such Fee Conversions conclude the Company's fee deferral and conversion programme.

Application will be made to the London Stock Exchange for the abovementioned 1,245,988 Conversion Shares to be admitted to trading on AIM ("Admission") and to the Johannesburg Stock Exchange for quotation on AltX. It is expected that Admission will become effective and that dealings in the Conversion Shares will commence at 8.00 a.m. on 30 January 2023.

Following Admission, the Company's total issued ordinary share capital will comprise 94,171,790 Ordinary Shares with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's share capital pursuant to the Company's Constitution.

Following Admission, the beneficial shareholdings of the directors receiving Conversion Shares will be as follows:

Director

Position

Number of Conversion Shares to be received

Total number of Ordinary Shares held on Admission

% of voting rights held on Admission

Myles Campion

Executive Chairman and acting CEO

1,090,859

2,108,182

2.24

Dr Evan Kirby

Non-Executive Director

155,129

318,723

0.34

 

Grant of Options and Performance Rights

The Company has today also granted, in aggregate, 2,000,000 options exercisable in three tranches to two of the Company's Directors, Daniel Smith and Myles Campion (or their nominees) (the "Incentive Options"). Further details of the Incentive Options are set out below:

Director

Previous holding of options

No. of Incentive Options granted (Tranche 1)

No. of Incentive Options granted (Tranche 2)

No. of Incentive Options granted (Tranche 3)

Resultant holding of options

Myles Campion

1,591,667

250,000

375,000

375,000

2,591,667

Daniel Smith

180,000

250,000

375,000

375,000

1,180,000

 

Details of the individual tranches are as follows:

(a)   Tranche 1: exercisable at a price of 3.35 pence per share (being a 25% premium to the 30-day VWAP prior to their date of issue) and expiring on or before 3 years from their date of issue;

(b)   Tranche 2: exercisable at a price of 4.02 pence per share (being a 50% premium to the 30-day VWAP prior to their date of issue) and expiring on or before 3 years from their date of issue; and

(c)   Tranche 3: exercisable at a price of 4.69 pence per share (being a 75% premium to the 30-day VWAP prior to their date of issue) and expiring on or before 3 years from their date of issue.

In addition, a total of 3,500,000 performance rights ("Performance Rights") have today been issued to Myles Campion and Daniel Smith. The Performance Rights are exercisable for nil consideration and are subject to the following performance milestone conditions and  expiry dates:

 

Tranche

No. of Performance Rights and  Recipient

Performance Milestone Condition

Expiry Date

1

1,500,000 to Myles Campion (or his nominee)

Completion of the Option Agreement with Denarius Metals Corp. and receipt of initial US$550k cash payments

2 years from the date of issue

 

250,000 to Daniel Smith (or his nominee)

Completion of the Option Agreement with Denarius Metals Corp. and receipt of initial US$550k cash payments

2 years from the date of issue

2

1,500,000 to Myles Campion (or his nominee)

Successful Mining Licence Application for the Toral Project

2 years from the date of issue

 

250,000 to Daniel Smith (or his nominee)

Successful Mining Licence Application for the Toral Project

2 years from the date of issue

For further information on the Company, please visit www.europametals.com or contact:

 

Europa Metals Ltd

Dan Smith, Non-Executive Director and Company Secretary (Australia)

T: +61 417 978 955

Myles Campion, Executive Chairman and acting CEO (UK)

T: +44 (0)20 3289 9923

 

Strand Hanson Limited (Nominated Adviser)

Rory Murphy/Matthew Chandler

T: +44 (0)20 7409 3494

 

WH Ireland Limited (Broker)

Harry Ansell/Dan Bristowe/Katy Mitchell/Sarah Mather

T: +44 (0)20 7220 1666

Questco Corporate Advisory Proprietary Limited (JSE Sponsor)

Sharon Owens
T: +27 (11) 011 9212

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR") as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

 

PDMR Notification Forms

The notifications below are made in accordance with the requirements of MAR.

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Myles Campion

 

2.

Reason for the Notification

a)

Position/status

Executive Chairman and acting CEO

 

b)

Initial notification/amendment

Initial notification

 

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Europa Metals Ltd

 

b)

LEI

2138008QU5PGK777XM59

 

4.

Details of the transaction(s):section to 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 of the Financial instrument, type of instrument

Ordinary shares of no par value each

Incentive options

Performance rights over ordinary shares

 

 

Identification code

AU0000090060

 

b)

Nature of the Transaction

Conversion of accrued fees

Grant of incentive options under the Company's incentive plan

Grant of performance rights

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

3.35 pence

4.02 pence

4.69 pence

4.64 pence

Nil pence

1,090,859

250,000

375,000

375,000

3,000,000

d)

Aggregated information

Aggregated volume price

N/A (Single transaction)

e)

Date of the transaction

24 January 2023

f)

Place of the transaction

Outside of a trading venue

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Dr Evan Kirby

 

2.

Reason for the Notification

a)

Position/status

Non-Executive Director

 

b)

Initial notification/amendment

Initial notification

 

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Europa Metals Ltd

 

b)

LEI

2138008QU5PGK777XM59

 

4.

Details of the transaction(s):section to 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 of the Financial instrument, type of instrument

Ordinary shares of no par value each

 

Identification code

AU0000090060

 

b)

Nature of the Transaction

Conversion of accrued fees

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

3.44 pence

155,129

d)

Aggregated information

Aggregated volume price

N/A (Single transaction)

e)

Date of the transaction

24 January 2023

f)

Place of the transaction

Outside of a trading venue

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Daniel Smith

 

2.

Reason for the Notification

a)

Position/status

Non-Executive Director

 

b)

Initial notification/amendment

Initial notification

 

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Europa Metals Ltd

 

b)

LEI

2138008QU5PGK777XM59

 

4.

Details of the transaction(s):section to 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 of the Financial instrument, type of instrument

 

Incentive options

Performance rights over ordinary shares

 

Identification code

AU0000090060

 

b)

Nature of the Transaction

Grant of incentive options under the Company's incentive plan

Grant of performance rights

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

3.35 pence

4.02 pence

4.69 pence

Nil pence

250,000

375,000

375,000

500,000

d)

Aggregated information

Aggregated volume price

N/A (Single transaction)

e)

Date of the transaction

24 January 2023

f)

Place of the transaction

Outside of a trading venue

 

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