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Power Metal (POW)

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Thursday 28 April, 2022

Power Metal

Exercise of Warrants

RNS Number : 7747J
Power Metal Resources PLC
28 April 2022
 

28 April 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 announces an exercise of warrants.

Warrant Exercise

The Company has received a notice to exercise warrants over 2,315,789 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 £17,368 for the Company. 

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 2,315,789 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 6 May 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 1,469,269,704 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)

+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 - 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 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.

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 complete, including mapping and sampling.

Finalising data review from field programmes.

 

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