TIDMPOW

RNS Number : 8766S

Power Metal Resources PLC

18 July 2022

18 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 announces an exercise of warrants.

Warrant Exercise

The Company has received a notice to exercise warrants over 4,631,515 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 GBP34,736 for the Company.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 4,631,515 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 25 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 1,502,733,450 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)                +44 (0) 7766 465 617 
 
SP Angel Corporate Finance (Nomad and Joint Broker) 
Ewan Leggat/Charlie Bouverat                          +44 (0) 20 3470 0470 
 
SI Capital Limited (Joint Broker) 
Nick Emerson                                          +44 (0) 1483 413 500 
 
First Equity Limited (Joint Broker) 
David Cockbill/Jason Robertson                        +44 (0) 20 7330 1883 
 
 
 
 

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

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

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July 18, 2022 12:25 ET (16:25 GMT)

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