REG - Power Metal - Drill Contract - Issue of Equity at 2.25p

Power Metal ResourcesAnnouncement

06/03/2023 15:30

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RNS Number : 0504S  Power Metal Resources PLC  06 March 2023

6 March 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Drill Contract Issue of Equity at 2.25p - Molopo Farms Complex 2023/23 Drill
Programme

Power Metal Resources PLC (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces an issue of equity relating to payment for drill costs in relation
to the recently completed Molopo Farms Complex diamond drill programme in
Botswana.

The original announcement in respect of the drill contract with Mindea
Exploration & Drilling Services (Pty) Ltd ("Mindea") was released on 30
August 2022 and may be viewed through the link below:

https://www.londonstockexchange.com/news-article/POW/molopo-farms-drill-contract-signed/15604332
(https://www.londonstockexchange.com/news-article/POW/molopo-farms-drill-contract-signed/15604332)

The final total payable under the equity component of the drill programme has
been agreed at 4,094,254.96 Pula, or £257,824.62, to paid in full through the
issue of Power Metal new ordinary shares of 0.1p ("Ordinary Shares") at an
agreed issue price of 2.25p.  This equates to 11,458,872 Ordinary Shares to
be issued to Mindea ("Drilling Shares").

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 11,458,872 Drilling Shares to be admitted to
trading on AIM which is expected to occur on or around 10 March 2023
("Admission"). The Drilling 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 1,739,033,678 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.

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
 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.

 

 

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