REG - Power Metal - Amendment of Warrant Terms

Power Metal ResourcesAnnouncement

30/05/2023 13:30

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RNS Number : 0518B  Power Metal Resources PLC  30 May 2023

30 May 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Amendment of Warrant Terms

 

Power Metal Resources PLC (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces that, further to the announcement of 9 May 2023, the Company has
today agreed to amend the terms of the warrants issued pursuant to the placing
("Fundraising Warrants").

Under the amended terms, the expiry date of the Fundraising Warrants has been
extended from 9 May 2028 to 23 May 2028. Further, under the amended terms if
the volume weighted average price ("VWAP") of the Company's ordinary shares on
each of 5 consecutive trading days exceeds £0.03 or on any subsequent
occasion the 5 day VWAP exceeds £0.03, the Company may at any time in the
next 10 business days issue an announcement through a Regulatory News Service
to the effect that it is exercising its rights and write to the warrantholders
providing 20 business days' notice requiring accelerated exercise of the
Fundraising Warrants, with payment required within 20 business days of the
acceleration announcement date. To the extent that Fundraising Warrants are
not exercised, or payment of the subscription price is not received, within 20
business days of the acceleration announcement date, the Fundraising Warrants
will lapse.

There are no further changes to the terms of the Fundraising Warrants or the
placing.

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/
(https://www.powermetalresources.com/) or contact:

 Power Metal Resources plc
 Sean Wade (Chief Executive Officer)                                                 +44 (0) 20 3778 1396

 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) 14 8341 3500

 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.

 

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