Listing of Golden Metal Resources PLC

Power Metal Resources PLC

10 May 2023

 

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

OR DISSEMINATION IN THE UNITED STATES OF AMERICA

10 May 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Listing of Golden Metal Resources PLC

Power Metal 62.06% held Spin-Out IPO Vehicle Golden Metal Resources PLC Announces Admission to Trading on AIM With Power Metal's Holding Valued at £4.44m

Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today by Golden Metal Resources PLC (LON:GMET)("Golden Metal") of admission today of its entire issued ordinary share capital to trading on AIM, a market operated by the London Stock Exchange plc. This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/GMET/first-day-of-dealings/15949375

Further information in respect of Golden Metal is available through the following website link: https://www.goldenmetalresources.com/

Power Metal holds 52,248,756 Golden Metal ordinary shares of 1p each ("Golden Metal Shares") representing a 62.06% interest in Golden Metal, which at the IPO price of 8.5p per share is valued at £4,441,144 on admission.

Power Metal's shareholding above is subject to a 12-month lock in agreement from today's date prohibiting the sale of Golden Metal Shares, with a follow on further 12-month orderly market arrangement thereafter.

In addition to the shareholding above, Power Metal holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 10.75p per share and with a life to expiry of 12 months from today's date.  Power Metal also holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 17.5p per share and with a life to expiry of 24 months from today's date.

Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:

"We welcome today's listing of Golden Metal focused on exploration and development of its resource projects interests in Nevada, USA.

I would like to thank the Golden Metal team and advisers for their hard work and dedication to deliver this important listing and look forward to Golden Metal driving their business forward, with proactive exploration programmes and news flow.

The value of Power Metal's investments in Golden Metal (on IPO), Kavango Resources PLC (LON:KAV) and First Class Metals PLC (LON:FCM) amounts to £7.7 million in aggregate, comprising over half of Power Metal's market capitalisation at market close on 9 May 2023.  Further updates are planned across the Company's remaining eight projects, including targeted listings, disposals or joint ventures."

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
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