Exercise of Warrants

RNS Number : 6545V

Power Metal Resources PLC

14 December 2021

 

14 December 2021

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

Exercise of Warrants and Warrant Update

Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exercise of warrants and warrant update.

Warrant Exercise

The Company has received notices to exercise warrants over 16,000,000 new ordinary shares of 0.1 pence each in the Company ("Warrant Shares") raising an additional £112,000 for the Company.

The Warrant Shares are being issued pursuant to the exercise of 16,000,000 warrants at an exercise price of 0.7 pence per ordinary share of 0.1 pence each in the Company ("Ordinary Share").

Warrant Update

The warrants exercised above were issued in December 2019 pursuant to a Power Metal financing ("2019 Warrants") and had a 17 December 2021 expiry.

Following the exercise of the 2019 Warrants announced today the Company can confirm that, excluding those held by current Power Metal directors, all warrants due for expiry in December 2021 have been exercised in full.

As noted above Power Metal directors hold the remaining 11,250,000 2019 Warrants which remain to be exercised, subject to the Company dealing code. This includes 6,250,000 2019 Warrants held by Paul Johnson (Chief Executive Officer) and 5,000,000 2019 Warrants held by Ed Shaw (Non-executive Director).

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 16,000,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 21 December 2021 ("Admission"). The Warrant 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 1,441,839,987 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.

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.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

Project	Location	POW %	Work Completed or Underway	Results Awaited
Alamo Gold Project	USA	Earn-in to 75%	Excavation of multiple test pits and mapping & sampling.	Field results from on-site work programme.
Athabasca Uranium	Canada	100%	Phase I field exploration completed	Laboratory assay results of samples collected for uranium and REEs
Authier North Lithium	Canada	Earn-in to 100%	Soil & rock sampling completed	Laboratory assay results of samples collected
Ditau Project	Botswana	50%	Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals	Field programme findings and defined drill targets for near term drilling.
Kalahari Copper Belt	Botswana	50%	Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas	Field programme findings and defined drill targets for near term drilling
Molopo Farms	Botswana	53%	Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme	Results from various work activities underway as part of the Kavango Option
Tati Gold/Nickel	Botswana	100%	Reverse circulation drill programme completed	Laboratory assay results awaited
Victoria Goldfields	Australia	49.9%	Ongoing exploration across 1,012km2 of granted exploration licences	Results from field programme including drill targets for near term drilling
Wallal Gold/Copper Project	Australia	83.33%	Passive seismic and 2D seismic processing work programme completed	Results awaited

 

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