Notice of General Meeting

RNS Number : 7622D

Power Metal Resources PLC

04 March 2022

 

4 March 2022

Power Metal Resources plc

("Power Metal" or the "Company")

Notice of General Meeting

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that the Company will hold a further General Meeting which will take place after the Company's Annual Meeting on 30 March 2022.

This General Meeting will seek shareholder approval for resolutions enabling the Company to consider shareholder distributions. At present the Company has carried forward losses and under UK company law cannot undertake distributions unless it undertakes a Capital Reduction process. The proposed Capital Reduction is conditional upon both shareholder and subsequent court approval being obtained. 

The Capital Reduction will not change the number of the Company's ordinary shares in issue or their nominal value of 0.1 pence each.

Shareholders are advised to review the Company's announcement on 16 February 2021 which provided further background information in respect of potential shareholder distributions and which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/shareholder-distributions-update/14866702

The Notice of General Meeting and a letter from the Chairman of Power Metal have been posted to shareholders today. 

The General Meeting will take place at 11.00am on 30 March 2022 at Suite 24, Temple Chambers, 3-7 Temple Avenue, London, EC4Y ODT.  Documentation in respect of the General Meeting may be viewed on the Company's website through the following link:

https://www.powermetalresources.com/shareholder-circulars/

INDICATIVE TIMETABLE OF PRINCIPAL EVENTS
Publication date of this document	3 March 2022
Latest time and date for receipt of Forms of Proxy	11:00 a.m. on 28 March 2022
General Meeting	11:00 a.m. on 30 March 2022
Court directions hearing	May 2022
Court hearing to confirm the Capital Reduction	June 2022
Registration of Court Order and effective date of the Capital Reduction	July 2022
If any details contained in the timetable above should change, the revised times and dates will be notified by means of an announcement through a Regulatory News Service. Notes: 1.  The indicative timings for the Court hearings are subject to change and dependent on the Court's timetable. 2.  This date will depend on, amongst other things, the date on which the Court confirms the Capital Reduction.

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 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 and assay results from on-site work programme.
Athabasca Uranium	Canada	100%	Data compilation across uranium properties	Interpretation results from 5 of 7 properties.
Authier North Lithium	Canada	Earn-in to 100%	Soil & rock sampling completed	Interpretation of laboratory assay results of samples collected defining next exploration steps.
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%A	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.
Haneti Project	Tanzania	35%	Diamond drill programme completed	Laboratory assay results awaited.
Selta Uranium Rare Earth Element Project	Australia	83.33%	Geological, geophysical and geochemical review across the project.	Findings of review including confirmation of key targets for next stage exploration.
Victoria Goldfields	Australia	49.9%	Diamond drill programme underway	Field updates and Laboratory assay results awaited.
Paterson Projects	Australia	83.33%	Wallal passive seismic and 2D seismic processing work programme completed. Review of historical data and target generation for Ripon Hills & Braeside West projects	Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling.

^A should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

 

END

 

 

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