Exercise of Warrants

RNS Number : 5619S

Power Metal Resources PLC

14 July 2022

 

14 July 2022

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

Exercise of Warrants

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

Warrant Exercise

The Company has received a notice to exercise warrants over 17,315,789  new ordinary shares of 0.1 pence each in the Company ("Warrant Shares") at an exercise price of 0.75p per Warrant Share and raising an additional £129,868 for the Company. 

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 17,315,789 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 21 July 2022 ("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 1,498,101,935 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.

Exploration Work Overview

Power Metal has internal exploration programmes completed or underway, with results awaited, as outlined in the table below.

Exploration work programmes may also be underway within planned IPO vehicles where Power Metal has a material interest the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required:

www.firstclassmetalsplc.com

www.goldenmetalresources.com

www.firstdevelopmentresources.com

Power Metal also holds a material investment in Kavango Resources plc with exploration updates available through their regulatory announcements and on their website:

www.kavangoresources.com

Project	Location	Current POW %	Work Completed or Underway	Results Awaited
Alamo Gold Project	USA	Earn-in to 75%	Technical reports received following excavation of multiple test pits and mapping & sampling completed.	Analysis of technical reports and potential follow-on work programme under review.
Athabasca Uranium	Canada	100%	Hyperspectral data analysis conducted across all 7 properties. Updating to 7 data rooms for third party review.	Finalise review of data from 3 properties.  Prepare for summer exploration programme across 4 properties.
Authier North Lithium	Canada	Earn-in to 100%	Property Evaluation Report completed.	Update covering exploration plans for target areas identified during the Evaluation.
Molopo Farms	Botswana	53%#	Comprehensive data review complete and establishment of data room for third party review.	Finalise next exploration steps and action plan.
Victoria Goldfields	Australia	49.9%	Diamond drill programme completed. Review of Ajax & Berringa mine remaining resource potential.	Final drill programme results analysis and resource potential analysis from former high-grade producing mines in granted licences.

^# subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%

 

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