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Power Metal (POW)

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Wednesday 30 March, 2022

Power Metal

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)

+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 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.

 

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