Amendment of Warrant Terms

Power Metal Resources PLC

30 May 2023

 

30 May 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Amendment of Warrant Terms

Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that, further to the announcement of 9 May 2023, the Company has today agreed to amend the terms of the warrants issued pursuant to the placing ("Fundraising Warrants").

Under the amended terms, the expiry date of the Fundraising Warrants has been extended from 9 May 2028 to 23 May 2028. Further, under the amended terms if the volume weighted average price ("VWAP") of the Company's ordinary shares on each of 5 consecutive trading days exceeds £0.03 or on any subsequent occasion the 5 day VWAP exceeds £0.03, the Company may at any time in the next 10 business days issue an announcement through a Regulatory News Service to the effect that it is exercising its rights and write to the warrantholders providing 20 business days' notice requiring accelerated exercise of the Fundraising Warrants, with payment required within 20 business days of the acceleration announcement date. To the extent that Fundraising Warrants are not exercised, or payment of the subscription price is not received, within 20 business days of the acceleration announcement date, the Fundraising Warrants will lapse.

There are no further changes to the terms of the Fundraising Warrants or the placing.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Sean Wade (Chief Executive Officer)		[phone]
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat		[phone]
SI Capital Limited (Joint Broker)
Nick Emerson		[phone]
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson		[phone]

NOTES TO EDITORS

Power Metal Resources plc - Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

 

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