Last checked at 30 Mar 2021 12:50
30 March 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
Result of Annual General Meeting and Statement
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce that at its Annual General Meeting ('AGM') held today, all resolutions were duly passed by the Company's shareholders.
In light of the Covid-19 pandemic the AGM was held as a closed meeting and the Chairman moved straight to a poll to reflect all proxy votes received for the AGM. The proxy votes received are detailed below by resolution.
Paul Johnson, Chief Executive Officer of Power Metal Resources, released the following statement in association with the AGM:
"The last nine months since our June 2020 AGM have been a highly active period for the Company and I believe we have achieved a great deal across our portfolio of operational projects.
I am looking forward to delivering results from those projects where active exploration work is currently underway, which covers seven of our nine project interests. Moreover, the Company is continuing to progress corporate activities in relation to certain projects where it is in the process of assessing potential spin-outs into independent listed vehicles in the UK and Canadian capital markets.
The dual business model of exploration targeting large scale metal discoveries, combined with value crystallisation through corporate activity offers, I feel, a distinct competitive advantage for Power Metal.
We are now entering a key phase in the advancement of the Company and its projects. As the Company's largest shareholder I find myself particularly aligned with shareholders and will proactively do all I can to see our business flourish.
In this regard I would like to note my thanks to the board of the Company, our operational team, advisers and business partners. Those engaged with our Company on a day to day basis can no-doubt testify how hard we work as a business, and the demands we place on all those who work with us.
Importantly I would like to thank shareholders for their support. Whatever your investment strategy and however small or large your financial commitment, we have a responsibility to do our best to deliver for each shareholder.
As always please feedback any questions or suggestions which are extremely useful to the management team as we continue to grow the Company. We can we most easily reached through email at investorrelations@powermetalresources.com. "
PROXY VOTES RECEIVED FOR THE GENERAL MEETING OF
POWER METAL RESOURCES PLC
HELD ON 30 MARCH, 2021 AT 11:00 AM.
ORDINARY RESOLUTIONS
1 To receive the report and accounts for the year ended 30 September 2020.
Votes for |
% | Votes against |
% | Votes withheld |
159,225,228 | 99.83 | 0 | 0 | 267,894 |
2 To re-appoint Scott Richardson Brown as a director of the Company.
Votes for |
% | Votes against |
% | Votes withheld |
159,106,442 | 99.75 | 3,153 | 0.002 | 383,527 |
3 To re-appoint Paul Johnson as a director of the Company.
Votes for |
% | Votes against |
% | Votes withheld |
159,374,336 | 99.92
| 3,153 | 0.002 | 115,633 |
4 To re-appoint PKF Littlejohn LLP as auditors to the Company to hold office until the conclusion of the next general meeting at which accounts are laid before the members and to authorise the directors to determine their remuneration.
Votes for |
% | Votes against |
% | Votes withheld |
159,203,727 | 99.81 | 0 | 0 | 289,395 |
5 THAT the directors of the Company be generally and unconditionally authorised, under and in accordance with Section 551 of the Companies Act 2006 ("the Act"), to exercise all the powers of the Company to allot shares in the Company or grant rights to subscribe for or convert any security into shares in the Company ("equity securities") up to an aggregate nominal amount of £500,000 provided that this authority shall expire (unless previously renewed, varied or revoked by the Company in general meeting) on the earlier of 15 months from the passing of this resolution or the conclusion of the Company's next AGM save that the Company may before such expiry make an offer or agreement which would or might require relevant securities to be allotted after such expiry and the directors of the Company may allot relevant securities under such offer or agreement as if the authority conferred by this resolution had not expired and provided further that this authority shall be in substitution for, and to the exclusion of, any existing authority conferred upon the directors.
Votes for |
% | Votes against |
% | Votes withheld |
158,953,993 | 99.66 | 271,235 | 0.17 | 267,894 |
SPECIAL RESOLUTIONS
6 THAT, subject to and conditional upon the passing of Resolution 5 above, the directors of the Company be empowered under section 570 of the Act to allot equity securities (within the meaning of Section 560 of the Act) up to an aggregate nominal amount of £500,000 for cash pursuant to the authority conferred under Section 551 of the Act by Resolution 5 above as if section 561 of the Act did not apply to any such allotments. Such power shall expire on the earlier of 15 months from the passing of this resolution or the conclusion of the Company's next AGM provided that the Company may before such expiry make offers or agreements which would or might require equity securities to be allotted after such expiry and the directors of the Company may allot equity securities under such offers or agreements as if the power conferred by this resolution had not expired and provided further that this authority shall be in substitution for, and to the exclusion of, any existing authority conferred on the directors.
Votes for |
% | Votes against |
% | Votes withheld |
156,795,941 | 98.30 | 791,936 | 0.49 | 1,905,245 |
7. THAT the Company be and is generally and unconditionally authorised to make market purchases (within the meaning of Section 693(4) of the Companies Act 2006) of its ordinary shares of 0.1 pence each provided that in doing so it:
(a) purchases no more than in aggregate 100,000,000 ordinary shares;
(b) pays not less than 2.5 pence (excluding expenses) per ordinary share; and
(c) pays a price not more than 5.0 pence (excluding expenses) per ordinary share.
This authority shall expire on the earlier of 15 months from the passing of this resolution or the conclusion of the Company's next AGM, but the Company may, if it agrees to purchase ordinary shares under this authority before it expires, complete the purchase wholly or partly after this authority expires.
Votes for |
% | Votes against |
% | Votes withheld |
159,160,463 | 99.79 | 64,765 | 0.040 | 267,894 |
As at 30 March 2021, there were 1,137,877,930 ordinary shares in issue. Shareholders are entitled to one vote per share. Votes withheld are not votes in law and so have not been included in the calculation of the proportion of votes for and against a resolution.
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 (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.