Company Announcements

Exercise of Options, Director Dealing and TVR

Source: RNS
RNS Number : 8883A
Adriatic Metals PLC
27 September 2022

27 September 2022


 Adriatic Metals PLC 

("Adriatic Metals" or the "Company")


Exercise of Options, Director Dealing and Total Voting Rights

Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) announces that it has received notice that on 26 September 2022 certain eligible Directors exercised options over ordinary shares in the Company resulting in the allotment on 26 September 2022 of 6,034,452 ordinary shares of £0.013355 each  ("Shares"), as follows:

·      Paul Cronin, CEO (via Dwellstone Limited, a company controlled by him) exercised 5,000,000 founder's options at the exercise price of A$0.20 per Share.  The aggregate exercise price of A$1,000,000 was paid in cash to the Company.  As a result, 5,000,000 Shares were issued and allotted to Dwellstone Limited.  At Mr Cronin's request, 3,000,000 Shares will subsequently be transferred to members of Paul Cronin's family.

·      Michael Rawlinson, Chairman, exercised 1,000,000 options at the exercise price of A$1.00 per Share, of which 100,000 were exercised with cash paid to the Company and 900,000 were effected by cashless exercise (with 403,122 Shares being withheld as part of the net settlement of the exercise price).  As a result, 596,878 Shares were issued and allotted to Mr. Rawlinson, following which 224,918 Shares were sold at a price of A$1.91 per share in order to cover Mr Rawlinson's tax liabilities associated with the exercise.

·      Sandra Bates, Non-Executive Director, exercised 1,000,000 options at the exercise price of A$1.25 per Share by cashless exercise (with 562,426 Shares being withheld as part of the net settlement of the exercise price). As a result, 437,574 Shares were issued and allotted to Ms. Bates, following which all such Shares were sold at a price of A$1.91 per Share, including a portion to cover Ms Bates's tax liabilities associated with the exercise.

·      As a result of the above transactions, the total exercise proceeds received by the Company was A$1,100,000 as well as £12,480 representing the nominal value of the Shares acquired by Mr. Rawlinson and Ms Bates pursuant to the cashless exercise.

·      These transactions complete the exercise of all outstanding options held by Mr. Rawlinson and Ms Bates. The Company does not plan to issue more options to Non-Executive Directors.

·      Following the above exercises and sales, the number and approximate percentage of interest in shares in the Company held (directly and indirectly) by the above Directors are as shown below:


Number of Shares Issued

Number of Shares Sold

Updated aggregate interest in ordinary shares

Approximate % of issued share capital

Paul Cronin





Michael Rawlinson





Sandra Bates






The Shares allotted rank pari passu in all respects with the existing ordinary shares of the Company.

In respect of the 5,000,000 Shares allotted on the exercise of Paul Cronin's options, applications will be made to the Financial Conduct Authority ("FCA") for admission of the Shares to the standard segment of the FCA's Official List and to the London Stock Exchange for admission of the Shares to trading on the London Stock Exchange's Main Market for listed securities ("Admission"). Admission is expected to take place on or around 5 October 2022.

Admission of the 1,034,452 Shares allotted on the exercise of Mr Rawlinson's and Ms Bates's options takes place pursuant to the Company's existing block listing.

The Company confirms that as at the date of this announcement, the Company's issued share capital comprises 272,579,692 ordinary shares of £0.013355 each, with each share carrying the right to one vote. The Company does not hold any ordinary shares in treasury. The above figure of 272,579,692 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 of a change to their interest in, the Company

Market Abuse Regulation Disclosure

The information contained within this announcement is deemed by Adriatic (LEI: 549300OHAH2GL1DP0L61) to constitute inside ‎information as stipulated under Article 7 of the Market Abuse Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended ("UK Market Abuse Regulation").

The person ‎responsible for arranging and authorising the release of this announcement on behalf of Adriatic is Paul Cronin, Managing Director and CEO.





For further information please visit; @AdriaticMetals on Twitter; or contact:


Adriatic Metals PLC

Paul Cronin / Klara Kaczmarek

Via Buchanan


Tel: +44 (0) 20 7466 5000

Bobby Morse/ Ariadna Peretz 

Canaccord Genuity Limited (Joint Corporate Broker)


Jeremy Dunlop (Australia)

Tel: +61 2 9263 2700

James Asensio (UK)

Tel: +44 (0) 207 523 8000

RBC Capital Markets (Joint Corporate Broker)


Jamil Miah

Tel: +44 (0) 20 7653 4000

Stifel Nicolaus Europe Limited (Joint Corporate Broker)

Ashton Clanfield / Callum Stewart

Tel: +44 (0) 20 7710 7600

Citadel Magnus

Cameron Gilenko

Tel: +61 2 8234 0100



Adriatic Metals PLC (ASX:ADT, LSE:ADT1, OTCQX:ADMLF) is a precious and base metals developer that is advancing the world-class Vares Project in Bosnia & Herzegovina, as well as the Raska Project in Serbia.

The Vares Project is fully-funded to production, which is expected in Q2 2023. The 2021 Project Definitive Feasibility Study boasts robust economics of US$1,062 million post-tax NPV8, 134% IRR and a capex of US$168 million. Concurrent with ongoing construction activities, the Company continues to explore across its highly prospective 41km2 concession package.

There have been no material changes to the assumptions underpinning the forecast financial information derived from the production target in the 19 August 2021 DFS announcement and these assumptions continue to apply and have not materially changed. Adriatic Metals is not aware of any new information or data that materially affects the information included in the announcement of the updated Mineral Resource Estimate announced on 1 September 2020 and all material assumptions and technical parameters underpinning the Mineral Resource Estimate continue to apply and have not materially changed.

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