Last checked at 16 Nov 2022 09:00
16 November 2022
Future Metals NL
Issue of Performance Rights
Future Metals NL (ASX | AIM: FME) ("Future Metals" or the "Company") announces that yesterday it issued a total of 3,549,999 performance rights ("Performance Rights") to members of its senior management and other key employees/contractors under the terms of its Performance Rights Plan approved by shareholders on 4 June 2021. This includes 999,999 Performance Rights issued to Jardee Kininmonth (Managing Director & CEO of the Company), further to the approval of Resolution 7 by shareholders at the Company's Annual General Meeting held on 7 November 2022 and as detailed in the associated Explanatory Statement in respect of such meeting.
Under the Company's Performance Rights Plan, the 3,549,999 Performance Rights are exercisable for nil consideration up to and including 15 November 2025 and the vesting criteria are outlined in the table below:
Performance Criteria | No. of Performance Rights |
12 months continuous employment from the date of 17 August 2022 | 500,000 |
20-day volume weighted average market price per ordinary share in the capital of the Company ("Ordinary Share") exceeding A$0.25 and 24 months continuous employment | 333,333 |
20-day volume weighted average market price per Ordinary Share exceeding A$0.30 and 24 months continuous employment | 333,333 |
20-day volume weighted average market price per Ordinary Share exceeding A$0.25 and 12 months continuous employment | 525,000 |
20-day volume weighted average market price per Ordinary Share exceeding A$0.30 and 12 months continuous employment | 125,000 |
20-day volume weighted average market price per Ordinary Share exceeding A$0.25 and 12 months continuous employment from the date of 17 August 2022 | 250,000 |
20-day volume weighted average market price per Ordinary Share exceeding A$0.30 and 12 months continuous employment from the date of 17 August 2022 | 250,000 |
A 'sulphide discovery hole', being a JORC compliant report being published by the Company detailing a drill hole which has been drilled by the Company intersecting at least 10 metres true width greater than or equal to 1.5% NiEq at the Panton Project. The Board will ultimately have discretion in determining whether a discovery hole has been drilled | 733,333 |
The Company announcing the completion of a Pre-Feasibly Study on the Panton PGM Project that results in the Board making a decision to undertake a Definitive Feasibility Study on the Panton PGM Project and 12 months continuous employment from the date of 17 August 2022 | 500,000 |
3,549,999 |
Further details are provided in the below PDMR Notification Form, announced in accordance with Article 19 of the Market Abuse Regulation (EU) 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.
This announcement has been approved for release by the Company Secretary of Future Metals NL.
For further information, please contact:
Future Metals NL | +61 8 9480 0414 |
Jardee Kininmonth | info@future-metals.com.au |
Strand Hanson Limited (Nominated Adviser & Joint Financial Adviser) | +44 (0)207 409 3494 |
James Harris / James Bellman James Bellman
| |
Panmure Gordon (UK) Limited (UK Broker & Joint Financial Adviser) | +44 (0)207 886 2500 |
John Prior / Hugh Rich / Soman Thakran
| |
White Noise Communications (Australian IR / PR) | +61 4 0051 2109 |
Fiona Marshall | |
FlowComms (UK IR / PR) | +44 (0)78 9167 7441 |
Sasha Sethi |
|
PDMR Notification Form:
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Jardee Kininmonth | ||||
2. | Reason for the Notification | |||||
a) | Position/status | Managing Director and CEO | ||||
b) | Initial notification/amendment | Initial notification | ||||
3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Future Metals NL | ||||
b) | LEI | 213800WZ1MNQPOAKNU50 | ||||
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 | Performance Rights over Ordinary Shares | ||||
Identification code | AU0000157745 | |||||
b) | Nature of the Transaction | Issue of Performance Rights | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information Aggregated volume Price | N/A (Single transaction) | ||||
e) | Date of the transaction | 15 November 2022 | ||||
f) | Place of the transaction | Outside of a trading venue | ||||