Information  X 
Enter a valid email address

Power Metal (POW)

  Print   

Monday 17 May, 2021

Power Metal

HY Results Update & Extension of Insider Warrants

RNS Number : 8751Y
Power Metal Resources PLC
17 May 2021
 

17 May 2021

Power Metal Resources PLC

("Power Metal" or the "Company")

Release of Interim Results and Extension of Insider Warrants

Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide an update for shareholders covering the Company's Interim Results and the extension of Insider Warrants.

Interim Results

The Company is finalising its Interim Results for the six months ended 31 March 2021 which it expects to announce by the end of May 2021.

Extension of Insider Warrants

On 19 February 2021 the company announced a 3 month extension to 40 million Financing Warrants (issued in February 2019 to participants of the Company refinancing) held by insiders and connected parties (the "Insider Warrants") and a new expiry date of 18 May 2021.  

The extension was granted due to the impending release of audited financial statements for the year ended 30 September 2020 and given the level of ongoing operational activity that may frequently restrict the exercise of Insider Warrants due to the holders being in possession of price sensitive information.

The Insider Warrants remaining outstanding as at 17 May 2021 are as follows:

Warrant Holder

N umber of Warrants

Exercise Price




Paul Johnson

10,000,000

1.0p

Andrew Bell

10,000,000

1.0p

Red Rock Resources plc

20,000,000

1.0p

 

As noted above the Company is currently finalising its interim financial statements for the half year ended 31 March 2021, which Power Metal expects will be announced to the market by the end of May 2021, consequently the Company is in a close period.

In addition, the Company continues to experience a heightened level of operational activity, notably with the regular inflow of price sensitive information in relation to material exploration findings and corporate development activities.  The Company expects this level of operational activity may continue for some time.

As a result of the above, the Insider Warrants held by Paul Johnson (Chief Executive Officer of Power Metal), Andrew Bell (Chairman of Power Metal and Red Rock Resources plc) and those held by Red Rock Resources plc, cannot be exercised by the expiry date of 18 May 2021.

Reflecting the above the Company has extended the Insider Warrants expiry date by a further three months to a new expiry date of 18 August 2021. 

RELATED PARTY NOTE

The extension of the Insider Warrants held by Paul Johnson, Andrew Bell and Red Rock Resources Plc as outlined above, have been treated as a related party transaction for the purposes of AIM Rule 13.

Scott Richardson Brown and Edmund Shaw, being the independent Directors for the purposes of the extension of the expiry date of the Insider Warrants held by Paul Johnson and Andrew Bell and Red Rock Resources Plc consider, having consulted with the Company's nominated adviser, SP Angel, that the extension of the Insider Warrants expiry date to 18 August 2021 to such related parties is fair and reasonable insofar as the Shareholders are concerned.

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.

 

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 and base 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.

 

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.

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCARMTTMTABBMB

a d v e r t i s e m e n t