TIDMPOW
RNS Number : 9037D
Power Metal Resources PLC
24 October 2022
24 October 2022
Power Metal Resources plc ("Power Metal" or the "Company")
Insider Warrant Update
Power Metal Resources plc (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces a warrant update.
The Company would refer readers to its announcement of 21 July
2022 wherein warrants to subscribe for new ordinary shares of 0.1p
in Power Metal at an exercise price of 0.75p per share ("Insider
Warrants"), held by Company directors, could not be exercised at
the original expiry date of 20 July 2022 ("July 2020
Warrants").
The Insider Warrants were issued to directors following their
participation in a Company financing in July 2020.
The Insider Warrants are held by Paul Johnson, Chief Executive
Officer of the Company and Ed Shaw, Non- executive Director
(together the "Directors") as follows:
Warrant Holder N umber of Warrants Exercise Price
Paul Johnson 20,000,000 0.75p
-------------------- ---------------
Ed Shaw 7,500,000 0.75p
-------------------- ---------------
Current Status of the Insider Warrants
Within the 21 July 2022 announcement the Company committed to
update shareholders as to Insider Warrant status after 3
months.
The Insider Warrants remain valid as the Directors remain unable
to exercise at this time due to ongoing proactive exploration and
corporate activities.
This activity includes, but is not limited to:
Ongoing developments at the Company's priority exploration
projects including:
- the current diamond drill programme underway at the Molopo Farms Complex in Botswana, and
- recently conducted exploration programmes at the Tati gold
project in Botswana and the Athabasca uranium interests in
Saskatchewan, Canada.
Extensive corporate transactional work including:
- planned spin-out IPOs and disposal activities, and
- the review of next steps on four project interests (Authier
North, Haneti, Silver Peak, & Wilan projects).
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.
The Insider Warrants remain available to exercise under Clause
2.3 however the Company has extended the expiry date on the Insider
Warrants to 21 April 2023 to reflect the limitations on exercise as
described above.
Related Party Note
The extension of the Insider Warrants held by Paul Johnson and
Ed Shaw as outlined above, have been treated as related party
transactions for the purposes of AIM Rule 13.
Scott Richardson Brown and Owain Morton being the independent
Directors for the purposes of the extension of the expiry date of
the Insider Warrants held by Paul Johnson and Ed Shaw considers,
having consulted with the Company's nominated adviser, SP Angel,
that the extension of the Insider Warrant expiry date to 21 April
2023 to such related parties is fair and reasonable insofar as the
Shareholders are concerned.
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 multiple internal exploration programmes
completed or underway, with results awaited. The status for each of
the Company's priority exploration projects is outlined in the
table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Assay results from
Uranium programme complete samples collected
at 3 properties. Preliminary during fieldwork.
planning for work
in Spring/Summer 2023
is ongoing.
--------- --------- ------------------------------ ----------------------
Molopo Botswana c.53%(#) T1-6 conductor target Drill programme
Farms drilling underway updates and findings
and MLEM surveys over from further MLEM
T1-6, T1-14, T1-3 survey work.
and T2-3 completed.
Further MLEM surveys
planned over additional
AEM targets identified.
--------- --------- ------------------------------ ----------------------
Tati Botswana 100% RC drilling and sampling Review of mine dumps
Project of mine dumps complete. sampling and assay
results from RC
drill programme.
--------- --------- ------------------------------ ----------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
Exploration work programmes may also be underway within Power
Metal investee companies and 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. These
interests are summarised in the table below:
Company Status/Operations Link
First Class Investment - www.firstclassmetalsplc.com
Metals PLC POW 27.91%
Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Development Planned IPO www.firstdevelopmentresources.com
Resources - POW 62.12%
PLC Exploration
in Western Australia
and the Northern
Territory of
Australia
------------------------ ------------------------------------------------------------------
Golden Planned IPO www.goldenmetalresources.com
Metal Resources - POW 83.13%
PLC Exploration
and development
in Nevada, USA
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 14.03% (subject
PLC to completion
of Kanye Resources
disposal announced
8.7.22 and issue
of Kavango shares
e.g. financing
announced 24.10.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
New Ballarat Planned IPO A new website is currently in development
Gold PLC - POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration .
in the Victoria In the interim further information
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy Exploration - POW on listing
PLC estimated 40-55%
Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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END
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