REG - Power Metal - Extension of Insider Options

Power Metal ResourcesAnnouncement

17/05/2022 07:00

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RNS Number : 6834L  Power Metal Resources PLC  17 May 2022

17 May 2022

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

Extension of Insider Options

 

Power Metal Resources plc (LON:POW) the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces an extension of insider options.

 

On 15 February 2019 Paul Johnson, Chief Executive Officer of the Company was
awarded 13,613,929 options to subscribe for new ordinary shares of 0.1 pence
each in the Company at an exercise price of 1.0p ("Director Options").  The
Director Options had an original expiry date of 15 February 2022, which was
subsequently extended to 15 May 2022.

 

Paul Johnson is unable to exercise the Director Options as a result of being
in a close period due to finalisation of the Company's interim financial
statements for the half year ended 31 March 2022 and due to possession of
inside information in relation to the Company's exploration and corporate work
activities.

 

Under the Director Option agreement clause 3.5 states:

 

"In the event the Option Holder is in possession of relevant price sensitive
information or is restricted from dealing pursuant to the provisions of the
Market Abuse Regulations or by any other share dealing code, applicable law or
regulation and is thereby precluded from exercising the Options or any part
thereof immediately prior to the Final Exercise Date, then the Final Exercise
Date shall be deemed to be extended until the date which falls 10 business
days after the later of the date on which the Option Holder ceases to be an
insider or the date on which the close period or other prohibited period ends
or is otherwise no longer prohibited."

 

The Director Options will be automatically extended under clause 3.5 as
outlined above.

 

Recognising the Company's level of operational activity and anticipated news
flow it is considered unlikely that the Director Options will be freely
exercisable for some time and therefore the Company has agreed that the
Director Options may be exercised up to 31 December 2022.  All other terms of
the Director Options remain unchanged.

 

Related Party Note

The extension of the Director Options held by Paul Johnson as outlined above,
has been treated as a related party transaction pursuant to AIM Rule 13 of the
AIM Rules for Companies.

Scott Richardson Brown and Edmund Shaw, being the independent Directors for
the purposes of the extension of the expiry date of the Director Options held
by Paul Johnson consider, having consulted with the Company's nominated
adviser, SP Angel, that the extension of the expiry date to 31 December 2022
of the Director Options held by Paul Johnson to be fair and reasonable insofar
as the Shareholders are concerned.

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.

 

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 all Properties complete. Next steps upcoming.
 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          Field updates and receipt & review of laboratory assay results.
                                                    carbonatites and targeting rare-earth elements.
 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%              Review of recent exploration findings.                                        Determine next exploration steps and action plan.
 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.    Findings from multiple work programmes including final approvals and

                                                                             preparations for planned deep diamond drilling.
                                                    Review of historical data and target generation for Ripon Hills &
                                                    Braeside West projects.

 Selta Project          Australia  83.33%           Field reconnaissance work complete, which included mapping and sampling.      Finalising data review from field programmes.

 

 

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