TIDMPOW

RNS Number : 2284U

Power Metal Resources PLC

29 July 2022

29 July 2022

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

Listing of First Class Metals PLC

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 First Class Metals PLC (LON:FCM)("First Class") confirming their First Day of Dealings with an admission to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules). This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/FCM/first-class-metals-plc-initial-admission/15561714?showDisclaimer=true

Power Metal and 100% owned subsidiary Power Metal Resources Canada Ltd hold a combined 28.19% interest in First Class which at the IPO price of 10p per First Class ordinary share of 0.1p each ("First Class Share") is valued at GBP1,851,610 and which is held as follows:

 
      POW Company           Shares     % First Class 
 
 Power Metal Resources 
  Canada Ltd              17,998,392       27.40 
                         -----------  -------------- 
 Power Metal Resources 
  PLC                      517,705         0.79 
                         -----------  -------------- 
 
 Total                    18,516,097       28.19 
                         -----------  -------------- 
 

The total shareholding above is subject to a 12-month lock in agreement prohibiting the sale of First Class Shares, with a follow on further 12-month orderly market arrangement.

In addition to the shareholdings above, Power Metal holds 517,705 warrants to subscribe for a further 517,705 shares at an exercise price of 10p per First Class Share and with a life to expiry of 12 months from today's date.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

"Our congratulations to the First Class Metals team for their work and commitment to secure this listing. In our view, First Class has a highly prospective project portfolio centred within the prolific Schreiber-Hemlo belt of Ontario, Canada, and offers investors an exciting new investment proposition.

Moreover, with active exploration on the ground underway, including First Class Metal's joint-venture (JV) partner Palladium One (TSX-V:PDM) drilling at the Pickle Lake JV property, we anticipate active news flow from ground operations.

Today's listing is a notable event for Power Metal, where a previous project investment has now become a significant balance sheet asset. We will be watching the progress of First Class with a keen interest.

Moreover, final preparations continue for the planned listing of Golden Metal Resources plc, another North American investment opportunity centred on Nevada, USA, and where Power Metal currently holds an 83.13% interest. I look forward to providing further updates in respect of Golden Metal in the near term."

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 
                               % 
 
 Athabasca      Canada       100%     Hyperspectral           Finalise review of data 
  Uranium                              data analysis           from 3 properties. Prepare 
                                       conducted across        for summer exploration 
                                       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%

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFIFIDDSIAFIF

(END) Dow Jones Newswires

July 29, 2022 03:08 ET (07:08 GMT)

African Battery Metals (LSE:ABM)
Historical Stock Chart
From Mar 2024 to Mar 2024 Click Here for more African Battery Metals Charts.
African Battery Metals (LSE:ABM)
Historical Stock Chart
From Mar 2023 to Mar 2024 Click Here for more African Battery Metals Charts.