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
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Power Metal Resources
PLC 517,705 0.79
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Total 18,516,097 28.19
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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%
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END
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