Share Option Scheme and grant of options

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19 February 2021                                                                                                                                 

METALNRG plc

("MetalNRG" or the "Company")

New Share Option Scheme and Grant of Options

MetalNRG plc, (LON:MNRG), the natural resource investing and exploration company, announces the introduction of the MetalNRG Share Option Plan 2021 (the "Plan") for executives and selected senior management, designed to promote the retention, recruitment and incentivisation of the Company's leadership team.

The number of ordinary shares of 0.01 pence ("Ordinary Shares") that may be issued to satisfy options granted under the Plan ("2021 Options") and any other employee share scheme in any 10-year rolling period is limited to a maximum of 10 per cent of the Company's issued Ordinary Share capital.

With the introduction of the Plan, the Board has approved the grant of the following 2021 Options at an exercise price per Ordinary Share of £0.0067 [(being the closing mid-market price on 1 February 2021). 

Up to 11,194,030 new Ordinary Shares may be issued under the 2021 Options granted which represents approximately 2.5 per cent of the Company's issued Ordinary Share capital.

Subject to the rules of the Plan, continued employment and the achievement of performance conditions (as may be amended, relaxed or waived pursuant to the Plan rules) the 2021 Options granted to Rolf Gerritsen, Pierpaolo Rocco and Windell Callaghan will vest every six months in the period commencing with the date of the 2021 Options being granted and ending on 1 February 2024.  In addition, percentages of Rolf Gerritsen's 2021 Options will vest based on the performance of the MetalNRG share price. 

Rolf Gerritsen's performance conditions applicable to the 2021 Options are:

-           that MetalNRG has secured sufficient funding to complete the planned works in respect of its current projects and the completion of further value-added projects

-           the share price will have to be on the strike price for a period of at least 5 business days on a weighted average basis.

Pierpaolo Rocco's performance conditions are related to the performance of the Company's Oil & Gas projects and the business and management of the subsidiary, BritNRG Limited. 

Windell Callaghan's performance conditions are related to the accounting and finance functions of the Company.

In addition to the 2021 Options, the Board has approved the grant of unapproved options (the "Options") to each of the Directors at an exercise price per Ordinary Share of £0.0067 [(being the closing mid-market price on 1 February 2021). 

Up to 6,000,000 new Ordinary Shares may be issued under the Options granted which represents approximately 1.3 per cent of the Company's issued Ordinary Share capital.

The Options will vest with the Directors based on the performance of the MetalNRG share price and the Options may be exercised twice yearly, in July and in December. 

The transaction notifications for each PDMR can be found below.

The information set out below is provided in accordance with the requirements of the UK Market Abuse Regulation:

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 The release of this information was arranged by Rolf Gerritsen, Chief Executive Officer.

END

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