Cornish Metals Inc., a mineral exploration and development company focused on its South Crofty tin project in Cornwall, United Kingdom, has announced that it is changing its financial year end from 31 January to 31 December. This change is intended to align the company's financial reporting periods with its peer group in the mineral resources sector and coincide with traditional financial, taxation, and operational cycles. The company has provided key dates for its future reporting calendar, including the publication of unaudited and audited accounts for various periods.
In addition, Cornish Metals has granted 800,000 incentive stock options to Executive Management. These options have an exercise price of 0.18 per share and a five-year term. They will vest over a three-year period, with one-third of the options vesting at the end of each year. The options were granted to Fawzi Hanano, Chief Development Officer, and are intended to align with the company's shareholders.
Prior to this grant, the company had 16,150,000 options issued, representing 3.02% of the Issued Capital of the Company. The current issuance of 800,000 options brings the total number of options granted to 16,950,000, representing 3.17% of the Issued Capital.
Cornish Metals is focused on advancing the South Crofty high-grade, underground tin project in Cornwall. The former producing South Crofty tin mine closed in 1998 after over 400 years of continuous production. The company recently completed an updated Mineral Resource estimate for South Crofty, which will be filed on SEDAR within 45 days of the September 13 news release.
The technical information in the news release was compiled by Mr. Owen Mihalop, Chief Operating Officer for Cornish Metals, who has reviewed and takes responsibility for the data and geological interpretation. Mr. Mihalop qualifies as a Competent Person under the JORC Code (2012) and as a Qualified Person under NI 43-101.
For additional information, please contact Irene Dorsman in North America or the company's nominated advisor and joint broker, SP Angel Corporate Finance LLP.