Former Director Exercise of Warrants

Power Metal Resources PLC

23 May 2023

 

23 May 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Former Director Exercise of Warrants

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. 

Warrant Exercise

The Company has received a notice to exercise warrants from former director Paul Johnson over 6,250,000 new ordinary shares of 0.1 pence each in the Company ("Warrant Shares") at an exercise price of 0.7p per Warrant Share and raising an additional £43,750 for the Company.  

As a result of this exercise Paul Johnson and Michelle Johnson will hold 82,250,000 Power Metal shares equating to 3.98% of issued share capital.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 6,250,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 26 May 2023 ("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 2,064,671,913 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
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.

 

END