REG - Power Metal - Exercise of Warrants

Power Metal ResourcesAnnouncement

08/12/2021 18:30

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RNS Number : 0445V  Power Metal Resources PLC  08 December 2021

 

8 December 2021

Power Metal Resources plc ("Power Metal" or the "Company")

Exercise of Warrants and Admission of Financing Shares

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 and admission of shares to be issued in
respect of the Company's financing announced previously.

Warrant Exercise

The Company has received notices to exercise warrants over 7,500,000 new
ordinary shares of 0.1 pence each in the Company ("Warrant Shares") raising an
additional £52,500 for the Company.

The Warrant Shares are being issued pursuant to the exercise of 7,500,000
warrants at an exercise price of 0.7 pence per ordinary share of 0.1 pence
each in the Company ("Ordinary Share).

Admission of Financing Shares

In addition, it is noted that following the Company's Financing announced on
15 November 2021 60,000,000 new Ordinary Shares will be admitted to trading on
AIM on or around 13 December 2021 ("Financing Shares").  The Financing Shares
have therefore been included in the Total Voting Rights below.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 7,500,000 Warrant Shares to be admitted to
trading on AIM which is expected to occur on or around 15 December 2021
("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 1,425,839,987 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/
(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 results from on-site work programme.
 Athabasca Uranium           Canada     100%             Phase I field exploration completed                                           Laboratory assay results of samples collected for uranium and REEs
 Authier North Lithium       Canada     Earn-in to 100%  Soil & rock sampling completed                                                Laboratory assay results of samples collected
 Ditau Project               Botswana   50%              Preparatory exploration work underway on target I10 leading to planned        Field programme findings and defined drill targets for near term drilling.
                                                         accelerated drilling targeting rare-earth elements and base metals

 Kalahari Copper Belt        Botswana   50%              Exploration programme underway across the South Ghanzi Project and further    Field programme findings and defined drill targets for near term drilling
                                                         exploration at the more recently acquired South Ghanzi Extension and Mamuno
                                                         licence areas
 Molopo Farms                Botswana   53%              Kavango Option to acquire an interest in local project holding company.       Results from various work activities underway as part of the Kavango Option
                                                         Option fee payable through defined work programme
 Tati Gold/Nickel            Botswana   100%             Reverse circulation drill programme completed                                 Laboratory assay results awaited
 Victoria Goldfields         Australia  49.9%            Ongoing exploration across 848km(2) of granted exploration licences           Results from field programme including drill targets for near term drilling

 Wallal Gold/Copper Project  Australia  83.33%           Passive seismic and 2D seismic processing work programme completed            Results awaited

 

 

 

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