Tertiary Minerals plc has granted a total of 47 million five-year warrants, exercisable at 0.085 pence per new ordinary share, to its directors and employees as part of their remuneration.
ZAMBIA
The warrants represent 0.91% of the company’s existing issued share capital and allow the recipients to subscribe for new ordinary shares of 0.01 pence each.
Of the total, the directors received an aggregate 35m new warrants and employees received 12m.
Non-executive chairman Patrick Cheetham and managing director Dr Richard Belcher each received 10m warrants; non-executive directors Donald McAlister and Dr Mike Armitage, and company secretary Rod Venables each received 5m; and four employees were granted 3m each.
Tertiary’s exploration assets cover copper in Zambia, copper-gold-silver in Nevada, USA and fluorspar in Sweden.
Edit 15:05:2026: the exercise price has been amended following a correction issued by the company.