Last checked at 11 Feb 2022 17:08
11 February 2022
Power Metal Resources plc ("Power Metal" or the "Company")
Exercise of Warrants
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.
Warrant Exercise
The Company has received a notice to exercise warrants over 5,000,000 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 £37,500 for the Company.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 5,000,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 18 February 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 1,455,839,986 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.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) | +44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat | +44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson | +44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson | +44 (0) 20 7330 1883 |
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NOTES TO EDITORS
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 |
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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. |
Authier North Lithium | Canada | Earn-in to 100% | Soil & rock sampling completed | Interpretation of laboratory assay results of samples collected. |
Ditau Project | Botswana | 50% | Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals
| Field programme findings and defined drill targets for near term drilling. |
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%A | Kavango Option to acquire an interest in local project holding company. Option fee payable through defined work programme | Results from various work activities underway as part of the Kavango Option |
Tati Gold/Nickel | Botswana | 100% | Reverse circulation drill programme completed | Laboratory assay results awaited |
Haneti Project | Tanzania | 35% | Diamon drill programme underway | Results from field programme including drill programme underway |
Victoria Goldfields | Australia | 49.9% | Ongoing exploration across 848km2 of granted exploration licences
| Results from field programme including drill programme underway |
Wallal Gold/Copper Project | Australia | 83.33%B | Passive seismic and 2D seismic processing work programme completed. Ground reconnaissance work underway. | Results awaited |
A should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project
B assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company's announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors