Power Metal Resources PLC Regulatory News (POW)

26 November 2014 Sula Iron & Gold plc ("Sula" or the "Company") Placing to raise £600,000 Sula Iron and Gold plc, a multi-commodity exploration company focused on SierraLeone, announces that it has raised £600,000, through a placing of 36,363,636new ordinary shares of 1p each in the Company (the "Placing Shares") at a priceof 1.65p per Placing Share with a single institutional investor (the "Placing"). The net proceeds of the Placing will be used to accelerate Sula's explorationprogrammes, specifically its coltan programme. Conditional upon a positiveoutcome to the Company's on-going coltan exploration programme, Sula willconsider commissioning a small pilot plant to process a number of bulk samplesfrom the Ferensola Project. The potential benefits to Sula of putting in place this small processing plantare in delivering suitable size, quality and timely samples to a potentialoff-taker. In addition, the Company will gain a better understanding of themetallurgy of the ore body, production and processing costs which, ifsuccessful, may lead to a full mining licence. Sula CEO Nick Warrell said: "I am pleased to announce that we have raised these funds, in addition to thoseannounced on 14 November 2014, and the continuing support from our investors.Discussions with a potential off-taker for our coltan are ongoing and these newmonies will allow us to accelerate this programme to a point where, dependenton the outcome of the current phase of exploration, we will considerestablishing a small pilot processing plant for the coltan and all the benefitsthat would result therefrom." The Placing Shares will, when issued, rank pari passu in all respects with theexisting ordinary shares of 1p each in the Company ("Ordinary Shares").Application will be made to the London Stock Exchange for admission to tradingon AIM of the Placing Shares ("Admission"). Completion of the Placing isconditional on, inter alia, Admission. It is expected that Admission will become effective and that dealings in thePlacing Shares will commence at 8.00 a.m. on or around 2 December 2014. Following the issue and allotment of the Placing Shares, the Company's enlargedissued ordinary share capital will comprise 356,848,594 Ordinary Shares ("Enlarged Share Capital"). The Company does not hold any Ordinary Shares intreasury. This figure of 356,848,594 Ordinary Shares may be used byshareholders in the Company as the denominator for the calculations by whichthey will determine if they are required to notify their interest in, or achange in their interest in, the share capital of the Company under theFinancial Conduct Authority's Disclosure and Transparency Rules. **ENDS** For further information please visit www.sulaironandgold.com or contact thefollowing: Sula Iron & Gold plc +44 (0) 20 7583 8304Nick Warrell / Matt Wood Cairn Financial Advisers LLP (Nominated Adviser) +44 (0) 20 7148 7900James Caithie / Avi Robinson VSA Capital Limited (Broker) +44 (0) 20 3617 5177Bhavesh Patel / Richard Buckle Strand Hanson (Financial Adviser) +44 (0) 20 7409 3494Simon Raggett / James Harris Yellow Jersey PR (Financial PR) +44 (0) 7768 537 739Dominic Barretto / Kelsey Traynor Notes Sula Iron & Gold plc is a multi-commodity exploration company focused in WestAfrica. The Company's main objective is to explore and advance its 153 sq. kmFerensola Project in Northern Sierra Leone, which is highly prospective foriron, gold and coltan. The information in this release that relates to Exploration Results has beenreviewed by Mr Andrew Dacey, Non-Executive Technical Director of Sula Iron andGold plc. Mr Dacey is a Fellow of the Institute of Materials Minerals andMining, a Registered Professional Geologist with the Australian Institute ofGeoscientists and a Competent Person as defined in the Australasian Code forReporting of Exploration Results and Mineral Resources and Ore Reserves.