Exercise of Options

RNS Number : 6695A

Power Metal Resources PLC

03 February 2022

 

3 February 2022

Power Metal Resources plc ("Power Metal" or the "Company")

Exercise of Options

Power Metal Resources plc (LON:POW) the London AIM listed company which finances and manages global resource exploration projects announces that it has received a notice to exercise options by a former director over 2,500,000 new ordinary shares of 0.1 pence each in the Company ("Option Shares") at an exercise price of 1.0 pence per new ordinary share raising an additional £25,000 for the Company.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 2,500,000 Option Shares to be admitted to trading on AIM which is expected to occur on or around 10 February 2022 ("Admission"). The Option 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 1,450,839,986 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	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.
Authier North Lithium	Canada	Earn-in to 100%	Soil & rock sampling completed	Interpretation of laboratory assay results of samples collected.
Ditau Project	Botswana	50%	Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals	Field programme findings and defined drill targets for near term drilling.
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%A	Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme	Results from various work activities underway as part of the Kavango Option
Tati Gold/Nickel	Botswana	100%	Reverse circulation drill programme completed	Laboratory assay results awaited
Haneti Project	Tanzania	35%	Diamon drill programme underway	Results from field programme including drill programme underway
Victoria Goldfields	Australia	49.9%	Ongoing exploration across 848km2 of granted exploration licences	Results from field programme including drill programme underway
Wallal Gold/Copper Project	Australia	83.33%B	Passive seismic and 2D seismic processing work programme completed. Ground reconnaissance work underway.	Results awaited

^A should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

^B   assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company's announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

 

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