Last checked at 15 Jan 2021 14:24
15 January 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Exercise of Warrants
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received notices to exercise warrants over 33,787,504 new ordinary shares of 0.1 pence each in the Company ("Warrant Shares").
The Warrant Shares are being issued pursuant to the exercise of 16,945,400 warrants at an exercise price of 1.0 pence per ordinary share of 0.1 pence each in the Company and the exercise of 16,842,104 warrants at an exercise price of 0.75 pence per ordinary share of 0.1 pence each in the Company.
Subscription monies of £295,769 have been received by Power Metal in respect of these exercises.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
"Warrant exercises since August 2020 have generated approaching £2.3 million of incoming cash which is transformational to the underlying working capital position of Power Metal and puts the Company in a strong position.
With this incoming cash we are able to continue our proactive exploration and corporate activity across our current project portfolio.
In addition, we now have the financial strength to consider new additional opportunities subject to the usual engagement hurdles that any incoming projects must be of potential strategic significance to the Company and must not overstretch Power Metal's financial and managerial capability."
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 33,787,504 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 22 January 2021 ("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 1,055,218,972 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.
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
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 and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company's position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.