Exercise of Warrants

RNS Number : 4722N

Power Metal Resources PLC

31 May 2022

 

31 May 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 announcesan exercise of warrants.

Warrant Exercise

The Company has received a notice to exercise warrants over 4,210,526 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 £31,579 for the Company. 

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 4,210,526 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 9 June 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 1,476,378,266 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
Paul Johnson (Chief Executive Officer)	[phone]
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat	[phone]
SI Capital Limited (Joint Broker)
Nick Emerson	[phone]
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson	[phone]

NOTES TO EDITORS

Power Metal Resources plc - Background

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	Current POW %	Work Completed or Underway	Results Awaited
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.
Athabasca Uranium	Canada	100%	Data compilation across uranium properties	Interpretation results from all Properties complete. Next steps upcoming.
Authier North Lithium	Canada	Earn-in to 100%	Soil & rock sampling completed	Technical Review of exploration results & define next exploration steps.
Ditau Project	Botswana	50%	Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements.	Field updates and receipt & review of laboratory assay results.
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%#	Review of recent exploration findings.	Determine next exploration steps and action plan.
Victoria Goldfields	Australia	49.9%	Diamond drill programme completed	Field updates and receipt & review of laboratory assay results.
Paterson Projects	Australia	82.78%	Wallal passive seismic and 2D seismic processing work programme completed. Review of historical data and target generation for Ripon Hills & Braeside West projects.	Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling.
Selta Project	Australia	82.78%	Field reconnaissance work complete, which included mapping and sampling.	Finalising data review from field programmes.

# Increasing to 87.71% on completion of acquisition announced 18.5.22

 

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