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RNS Number : 8766S Power Metal Resources PLC 18 July 2022
18 July 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 4,631,515 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 £34,736
for the Company.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 4,631,515 Warrant Shares to be admitted to
trading on AIM which is expected to occur on or around 25 July 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 1,502,733,450 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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or underway, with
results awaited, as outlined in the table below.
Exploration work programmes may also be underway within planned IPO vehicles
where Power Metal has a material interest the findings from which will be
released on their respective websites, with simultaneous updates through Power
Metal regulatory announcements where required:
www.firstclassmetalsplc.com (http://www.firstclassmetalsplc.com)
www.goldenmetalresources.com (http://www.goldenmetalresources.com)
www.firstdevelopmentresources.com (http://www.firstdevelopmentresources.com)
Power Metal also holds a material investment in Kavango Resources plc with
exploration updates available through their regulatory announcements and on
their website:
www.kavangoresources.com (http://www.kavangoresources.com)
Project Location Current Work Completed or Underway Results Awaited
POW %
Alamo Gold Project USA Earn-in to 75% Technical reports received following excavation of multiple test pits and Analysis of technical reports and potential follow-on work programme under
mapping & sampling completed. review.
Athabasca Uranium Canada 100% Hyperspectral data analysis conducted across all 7 properties. Updating to 7 Finalise review of data from 3 properties. Prepare for summer exploration
data rooms for third party review. programme across 4 properties.
Authier North Lithium Canada Earn-in to 100% Property Evaluation Report completed. Update covering exploration plans for target areas identified during the
Evaluation.
Molopo Farms Botswana 53%(#) Comprehensive data review complete and establishment of data room for third Finalise next exploration steps and action plan.
party review.
Tati Project Botswana 100% Site visit with mapping of gold workings and mine dumps. Exploration planning underway including further mapping, sampling and launch
of an RC drill programme.
Victoria Goldfields Australia 49.9% Diamond drill programme completed. Review of Ajax & Berringa mine Final drill programme results analysis and resource potential analysis from
remaining resource potential. former high-grade producing mines in granted licences.
(#) subject to completion of acquisition announced 18.5.22 interest will
increase to 87.71%
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