TIDMPOW
RNS Number : 3593T
Power Metal Resources PLC
21 July 2022
21 July 2022
Power Metal Resources plc ("Power Metal" or the "Company")
Exercise of Warrants & Warrant Update
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 and
warrant update.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"Including the exercise of warrants below, in the last week
Power Metal has announced an additional GBP382,666 raised through
final conversions of the July 2022 expiry warrants. This is a
material sum and added to our existing working capital puts the
Company in a strong financial position for the next stage of its
development.
That next stage is potentially the most exciting in our history
as Power Metal, with key exploration programmes planned including
those at the Tati and Molopo Farms Complex projects in Botswana,
two of our key internal exploration interests.
Corporately, we are looking forward to the planned listings of
First Class Metals, Golden Metal Resources and First Development
Resources; and the completion of various other crystallisation
events for the Company.
I look forward to Power Metal driving through this next
important stage and to the announcement of key developments as they
occur in the coming weeks and months. To help articulate in full
the latest position of all our interests, Power Metal expects to
release its quarterly report for the period April to June 2022,
(including a summary of events so far in July) early next
week."
Warrant Exercise
The Company has received notices to exercise warrants over
18,548,700 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 GBP139,115 for the Company.
Insider Warrant Update
In the July 2020 financing undertaken by the Company
participants received warrants to subscribe for new ordinary shares
of 0.1p in Power Metal at an exercise price of 0.75p per share with
an expiry date of 20 July 2022 ("July 2020 Warrants").
As at the expiry date Paul Johnson, Chief Executive Officer of
the Company and Ed Shaw, Non- executive Director (together the
"Directors") held the following July 2020 Warrants ("Insider
Warrants"):
Warrant Holder N umber of Warrants Exercise Price
Paul Johnson 20,000,000 0.75p
-------------------- ---------------
Ed Shaw 7,500,000 0.75p
-------------------- ---------------
The Insider Warrants were issued following participation in the
July 2020 financing.
The Directors are unable to exercise the Insider Warrants due to
the extensive exploration and corporate activities underway within
the Company which preclude exercise at this time.
This activity includes, but is not limited to, the
following:
North America
- Final preparations for the planned listings of First Class
Metals plc (Schreiber-Hemlo region Canada exploration vehicle - POW
36.3% interest) and Golden Metal Resources plc (Nevada USA focused
exploration and development vehicle - POW 83.13% interest)
- Exploration and corporate activities in respect of the
Company's Athabasca Basin region uranium interests
Africa
- Exploration and corporate activities in respect of the
Company's Tati project and Molopo Farms Complex project, in
Botswana.
Australia
- Exploration progress and IPO process in respect of First
Development Resources Ltd, (Western Australia and Northern
Territory exploration vehicle - POW 62.12% interest)
- Exploration and corporate activities in respect of New
Ballarat Gold Corporation plc (Victoria Goldfields exploration and
development vehicle - 49.9% POW interest)
Under the July 2020 Warrant instrument Clause 2.3 provides that
should any July 2020 Warrant holder be in the possession of price
sensitive information and be thereby precluded from exercising
warrant subscription rights, the exercise period shall be extended
until 20 business days following the date on which the Warrant
holder ceases to be an insider.
It is the Directors intention to exercise the warrants as soon
as they are free to do so however given the level of activity
within the Company this may not be possible for some time. In the
interim the Insider Warrants will remain available to exercise
under Clause 2.3 and for clarity should the Insider Warrants not be
exercised the Company will provide an update as to their status 3
months from today's date.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 18,548,700 Warrant Shares to be
admitted to trading on AIM which is expected to occur on or around
28 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 1,531,808,465 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.
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
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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