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16 Aug 2021 12:49
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16 August 2021
Power Metal Resources plc ("Power Metal" or the "Company")
Irrevocable Undertaking to Exercise Warrants
Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that Red Rock Resources plc (LON:RRR) ("Red Rock") has provided an irrevocable undertaking to exercise warrants to subscribe for twenty million new ordinary shares in the Company of 0.1p each ("Ordinary Shares").
Andrew Bell is Chairman of Red Rock and is also Chairman of Power Metal.
The warrants were issued to participants in a financing undertaken by the Company in February 2019 and in which Red Rock subscribed for twenty million new Ordinary Shares, receiving twenty million warrants to acquire Ordinary Shares at a price of 1.0p per new Ordinary Share (the "Warrants").
The expiry date of the Warrants is 18 August 2021 and Red Rock has irrevocably confirmed it will exercise the Warrants on 17 August 2021 and pay Ā£200,000 exercise monies to the Company.
The irrevocable undertaking to exercise the Warrants has been given by Red Rock to mitigate the possibility of Andrew Bell being in possession of price sensitive information prior to the expiry date of the Warrants and Red Rock being unable to exercise the Warrants as a result.
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Further relevant disclosures will be made on or around 17 August 2021.
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Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms partĀ 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.
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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 |
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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 and base 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.
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