Exercise of Warrants, Issue of Equity and PDMR Dealings

Related Document

Cornish Metals Inc. (TSX-V/AIM: CUSN) (“Cornish Metals” or the “Company”), a mineral exploration and development company focused on its projects in Cornwall, United Kingdom, announces the exercise of warrants for 522,222 common shares without par value at a price of 10 cents per common share in the share capital of the Company ("New Shares") for an aggregate consideration of C$52,222 (£33,700).

Of the above, 381,824 warrants were exercised by PDMRs of the Company as follows:


Warrants exercised

Resultant shareholding

Resultant percentage shareholding

D. Grenville Thomas

(Non-executive director)


9,909,691 (1)


Don Njegovan

(Non-executive director)




Note 1: This figure includes 4,638,167 common shares which are held in the name of Anglo Celtic Exploration Limited, a private company controlled by Mr Thomas. The balance of Mr Thomas’s shareholding is held in the name of The David Grenville Thomas Trust in which Mr Thomas is the sole beneficiary.

The New Shares will rank pari passu with the existing shares and application has been made for the 522,222 New Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings in the New Shares will commence at 8:00am on or around November 15, 2022. The New Shares will also trade on the TSX Venture Exchange.

Following Admission, Cornish Metals’ Issued and Outstanding share capital will consist of 533,920,712 shares. The Company does not hold any shares in treasury. Shareholders may use this figure 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. 

Following the issue of the New Shares, the Company’s outstanding stock options and warrants are as set out in the table below:


Number of





Number exercisable


Expiry date




 $       0.10


August 19, 2025




$       0.07


February 3, 2023






May 24, 2025









1     Pursuant to the terms of the Offering, the exercise price of these warrants is £0.27 for non-Canadian investors or $0.45 for Canadian investors, equating to a weighted average exercise price of $0.42 using the closest available CAD/GBP exchange rate.

The notification below, made in accordance with the requirements of the UK Market Abuse Regulation, provides further detail.


Details of the person discharging managerial responsibilities / person closely associated



  1. D. Grenville Thomas
  2. Don Njegovan


Reason for the notification



  1. Non-executive director
  2. Non-executive director



Initial notification /Amendment

Initial notification


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



Cornish Metals Inc.






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


Description of the financial instrument, type of instrument

Common shares without par value 



Identification code




Nature of the transaction

Exercise of warrants over common shares of no par value each



Price(s) and volume(s)












  1. $0.10
  1. 332,021




  1. $0.10
  1. 49,803









Aggregated information


- Aggregated volume

As above


- Price



Date of the transaction

November 7, 2022


Place of the transaction

Outside of a trading venue

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.


Cornish Metals completed the acquisition of the South Crofty tin and United Downs copper / tin projects, plus additional mineral rights located in Cornwall, UK, in July 2016 (see Company news release dated July 12, 2016). The additional mineral rights cover an area of approximately 15,000 hectares and are distributed throughout Cornwall. Some of these mineral rights cover old mines that were historically worked for copper, tin, zinc, and tungsten.

For additional information please contact:

In North America:

Irene Dorsman at (604) 200 6664.

In UK:
SP Angel Corporate Finance LLP          Tel: +44 203 470 0470
(Nominated Adviser & Joint Broker)     Richard Morrison
                                                                Charlie Bouverat
                                                                Grant Barker   

H & P Advisory Limited                         Tel: +44 207 907 8500
(Joint Broker)                                          Matthew Hasson
                                                                 Andrew Chubb
                                                                 Ernest Bell    

BlytheRay                                               Tel: +44 207 138 3204
(Financial PR/IR-London)                      Tim Blythe      tim.blythe@blytheray.com                                         
                                                                 Megan Ray     megan.ray@blytheray.com


“Richard D. Williams”
Richard D. Williams, P.Geo

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Caution regarding forward looking statements

This news release contains "forward-looking statements". Forward-looking statements, while based on management's best estimates and assumptions at the time such statements are made, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the COVID-19 global pandemic and any variants of COVID-19 which may arise;  risks related to the availability of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. 

Although Cornish Metals has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Cornish Metals undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

Subscribe to our Email List

We use MailChimp as our marketing automation platform. By clicking below to submit this form, you acknowledge that the information you provide will be transferred to MailChimp for processing in accordance with their Privacy Policy and Terms.