REG - Power Metal - Insider Non-executive Director Options Extension

Power Metal ResourcesAnnouncement

21/02/2023 16:45

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RNS Number : 6136Q  Power Metal Resources PLC  21 February 2023

21 February 2023

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

Insider Non-executive Director Options Extension

 

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

Insider Option Update

Scott Richardson Brown (POW Chairman) and Ed Shaw (POW Non-executive Director)
(together the "Directors") previously received 5,000,000 options each to
acquire new ordinary shares in the Company of 0.1p at an exercise price of
1.0p ("Director Options").  The Director Options had an original expiry date
of 19 February 2023 ("Exercise Date").

 

The Directors were unable to exercise the Director Options for an extended
period of time and an exercise of the Director Options is precluded at this
time due to a close period in respect of the planned release of the Company's
Financial Accounts for the year ended 30 September 2022 and due to information
held in respect of various corporate and exploration work programmes which
includes but is not limited to:

§ Exploration data and interpretation in respect of the:

-     completed drill programme at the Molopo Farms Complex in Botswana,

-     ongoing exploration at the Tati Gold Project in Botswana,

-     ongoing drilling in the Victoria Goldfields;

§ Ongoing activities in respect of planned disposals including spin-out IPOs.

§ Other corporate activities.

Director Option Extension

Recognising the Directors are unable to exercise the Director Options,  the
Company has granted a six-month extension to the Director Options to a new
Exercise Date of 19 August 2023 (the "Option Extension").

Related Party Note

The extension of the exercise date for the Director Options held by Scott
Richardson Brown, and Ed Shaw as outlined above, have been treated as a
related party transaction pursuant to AIM Rule 13 of the AIM Rules for
Companies.

Paul Johnson and Owain Morton, being the independent directors for the
purposes of the Option Extension consider, having consulted with the Company's
nominated adviser, SP Angel, that the extension of the expiry date to 19
August 2023 of the Director Options held by Scott Richardson Brown and Ed
Shaw, 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.

 

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