Director interest in share capital

RNS Number : 3962Y

Power Metal Resources PLC

09 September 2020

 

09 September 2020

Power Metal Resources plc ("POW" or the "Company")

Director interest in share capital

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company announces a clarification regarding the interests of Iain Macpherson, a former Non-executive Director, in the ordinary share capital of the Company .

It has come to the attention of the Board of POW that Onzega Mining ("Onzega"), a company in which Mr Macpherson had a 37.5% economic interest on 8 March 2018, then held 38,168,052 ordinary shares of 0.001 pence each in the share capital of POW. On 8 March 2018, these shares were pledged by Onzega, at which time the shares had a market value of £20,229, based on the closing mid-market price of 0.053 pence per ordinary share on 7 March 2018.

For the avoidance of doubt upon leaving the board as announced on 3 September 2020 Mr Macpherson had the following interests in the ordinary share capital of the Company

-  2,056,664 ordinary shares of 0.1 pence each

-  5,000,000 share options (1.0p exercise price, 1.5p hurdle before exercise, expiry 19/02/2023)

-  16,667 share options (20p exercise price, expiry 13/10/21) #

-  16,667 share options (30p exercise price, expiry 13/10/21) #

-  16,666 share options (40p exercise price, expiry 13/10/21) #

# These share options are held by Ongeza, a wholly owned subsidiary of Madini Minerals in which Iain Macpherson has a 37.5% economic interest.

PDMR Disclosure

 The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Iain Macpherson
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Power Metal Resources Plc
b)	LEI	213800VNXOUPHTX53686
4	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
a)	Description of the financial instrument, type of instrument	ordinary shares of 0.001p each
	Identification code	ISIN: GB00BYWJZ743
b)	Nature of the transaction	Pledge of shares
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			0.053 pence	38,168,052
d)	Aggregated information
	- Aggregated volume	38,168,052
	- Price	0.053 pence
e)	Date of the transaction	07 March 2018
f)	Place of the transaction	Outside a trading venue

REGULATORY STATEMENT

The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.

CONTACT INFORMATION

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

Power Metal Resources plc
Paul Johnson (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 (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.

The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.

The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.

 

END

 

 

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