Cornish Metals Inc. chief financial officer Matthew Hird exercised 750,000 share options, using the “net exercise method”, for 249,626 common shares, which he then sold for £19,471.
TVRs
The method involves the issue of shares equivalent to the value of the net gain, which is the difference between the exercise price and the market value on the date of exercise.
Following the options exercise on 13 October, Mr Hird sold the shares via Cornish Metals’ brokers at a price of 7.80 pence per share, with settlement due on 14 October 2025.
Mr Hird’s beneficial interest remains unchanged with no shareholding in the company.
On admission, Cornish Metals issued and outstanding share capital will comprise 1,253,751,619 common shares.
The company holds no common shares in treasury.
Cornish Metals is advancing towards production the South Crofty tin mine project in Pool, Cornwall.