Drill Contract - Issue of Equity at 2.25p

RNS Number : 0504S

Power Metal Resources PLC

06 March 2023

 

6 March 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Drill Contract Issue of Equity at 2.25p - Molopo Farms Complex 2023/23 Drill Programme

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an issue of equity relating to payment for drill costs in relation to the recently completed Molopo Farms Complex diamond drill programme in Botswana.

The original announcement in respect of the drill contract with Mindea Exploration & Drilling Services (Pty) Ltd ("Mindea") was released on 30 August 2022 and may be viewed through the link below:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-drill-contract-signed/15604332

The final total payable under the equity component of the drill programme has been agreed at 4,094,254.96 Pula, or £257,824.62, to paid in full through the issue of Power Metal new ordinary shares of 0.1p ("Ordinary Shares") at an agreed issue price of 2.25p.  This equates to 11,458,872 Ordinary Shares to be issued to Mindea ("Drilling Shares").

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 11,458,872 Drilling Shares to be admitted to trading on AIM which is expected to occur on or around 10 March 2023 ("Admission"). The Drilling Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.

Following Admission, the Company's issued share capital will comprise 1,739,033,678 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

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
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 - 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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