Last checked at 20 May 2022 07:00
20 May 2022
Power Metal Resources PLC ("Power Metal" or the "Company")
Company Option Pool Expansion
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an expansion to the Company's Option Pool for key team members.
Previously, on 4 June 2021 Power Metal established a Company Option Pool, creating a 25m share pool for key team members who contribute to the growth and development of the Company. A link to this announcement is provided below:
https://www.londonstockexchange.com/news-article/POW/company-option-pool-proposed-ned-option-award/15005369
Reflecting the expansion of the Power Metal team the Company Option Pool has today been expanded by 15m options to 40m options in total.
The terms of the new options are the same as those created in June 2021 comprising 15 million new options (the "New Pool Options") to acquire new ordinary shares of 0.1p each in the Company ("Ordinary Shares") at an exercise price of 3.25p per share.
The New Pool Options:
- have a life to expiry ending 4 June 2024
- are subject to a share price performance condition and cannot be exercised until the volume weighted average share price ("VWAP") of the Company has exceeded 5.0p per Ordinary Share for ten consecutive trading days
- all recipients will be subject to performance criteria with regard to the Pool Options including a minimum 6 months' service.
To be clear, Power Metal directors will not receive options from this Company Option Pool, which is designed to incentivise other non-board team members.
Where possible the Pool Options will be awarded under the Enterprise Management Incentive scheme.
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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:
Project | Location | POW % | Work Completed or Underway | Results Awaited |
Alamo Gold Project | USA | Earn-in to 75% | Excavation of multiple test pits and mapping & sampling. | Field and assay results from on-site work programme. |
Athabasca Uranium | Canada | 100% | Data compilation across uranium properties | Interpretation results from all Properties complete. Next steps upcoming. |
Authier North Lithium | Canada | Earn-in to 100% | Soil & rock sampling completed | Technical Review of exploration results & define next exploration steps. |
Ditau Project | Botswana | 50% | Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements. | Field updates and receipt & review of laboratory assay results. |
Kalahari Copper Belt | Botswana | 50% | Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas | Field programme findings and defined drill targets for near term drilling. |
Molopo Farms | Botswana | 53% | Review of recent exploration findings. | Determine next exploration steps and action plan. |
Haneti Project | Tanzania | 35% | Diamond drill programme completed | Receipt & review of laboratory assay results. |
Victoria Goldfields | Australia | 49.9% | Diamond drill programme underway
| Field updates and receipt & review of laboratory assay results. |
Paterson Projects | Australia | 83.33% | Wallal passive seismic and 2D seismic processing work programme completed. Review of historical data and target generation for Ripon Hills & Braeside West projects.
| Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling. |
Selta Project | Australia | 83.33% | Field reconnaissance work complete, which included mapping and sampling. | Finalising data review from field programmes. |