Result of General Meeting

RNS Number : 6407G

Power Metal Resources PLC

30 March 2022

 

30 March 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Results of General Meeting

The General Meeting of Power Metal Resources plc was held at Suite 24, Temple Chambers, 3-7 Temple Avenue, London, EC4Y 0DT on 30 March 2022 at 11:00 a.m.

All 5 resolutions put to members were passed on poll. All 5 resolutions were passed as special resolutions.

Rationale for General Meeting

The results of the poll (including proxy votes) are outlined in Table 1 below.

This General Meeting secured the necessary shareholder approval for resolutions enabling the Company to consider shareholder distributions.   At present the Company has carried forward losses and under UK company law cannot undertake distributions unless it undertakes a Capital Reduction process.   The proposed Capital Reduction is conditional upon both shareholder approval (now received) and subsequent court approval being obtained. 

The Capital Reduction will not change the number of the Company's ordinary shares in issue or their nominal value of 0.1 pence each.

Further Information

Shareholders are advised to review the Company's announcement on 4 March 2022 which included a link to the Notice of General Meeting and Chairman's Letter to shareholders.  That announcement also provides further information in respect of steps and indicative timeline for the Capital Reduction process.

https://www.londonstockexchange.com/news-article/POW/notice-of-general-meeting/15355214  

Shareholders may also review the Company's announcement on16 February 2021 which provided further background information in respect of potential shareholder distributions and which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/shareholder-distributions-update/14866702

Table 1 - General Meeting Resolutions - Results of Poll

Resolution	Votes for	% Votes Cast	Votes against	% Votes Cast	Votes withheld
Resolution 1 (Special) THAT, subject to the confirmation of the court, the share premium account of the Company be cancelled.	247,200,145	97.68	524,585	0.21	450,983
Resolution 2 (Special) THAT, subject to the confirmation of the court, the capital redemption reserve of the Company be cancelled.	247,123,939	97.65	600,791	0.24	450,983
Resolution 3 (Special) THAT, subject to the confirmation of the court, the existing Deferred Shares be cancelled and extinguished.	247,200,145	97.68	524,585	0.21	450,983
Resolution 4 (Special) THAT, subject to the confirmation of the court, the existing Deferred A Shares be cancelled and extinguished.	247,200,145	97.68	524,585	0.21	450,983
Resolution 5 (Special) THAT, the Company be authorised generally and unconditionally to make market purchases.	246,822,847	97.53	901,883	0.36	450,983

As at 30 March 2022, there were 1,466,953,915 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)	[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.
Athabasca Uranium	Canada	100%	Data compilation across uranium properties	Interpretation results from 3 of 7 properties.
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.
Tati Gold/Nickel	Botswana	100%	Reverse circulation drill programme completed	Receipt & review of laboratory assay results.
Haneti Project	Tanzania	35%	Diamond drill programme completed	Receipt & review of laboratory assay results.
Victoria Goldfields	Australia	49.9%	Diamond drill programme underway	Field updates and receipt & review of laboratory assay results.
Paterson Projects	Australia	83.33%	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	83.33%	Field reconnaissance work now underway, including mapping and sampling.	Field updates.

 

END

 

 

ROMBXGDXSSXDGDG