REG - Power Metal - Listing of Golden Metal Resources PLC

Power Metal ResourcesAnnouncement

10/05/2023 09:30

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RNS Number : 9387Y  Power Metal Resources PLC  10 May 2023

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

OR DISSEMINATION IN THE UNITED STATES OF AMERICA

 

10 May 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

Listing of Golden Metal Resources PLC

 

Power Metal 62.06% held Spin-Out IPO Vehicle Golden Metal Resources PLC
Announces Admission to Trading on AIM With Power Metal's Holding Valued at
£4.44m

Power Metal Resources plc (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
notes the announcement today by Golden Metal Resources PLC (LON:GMET)("Golden
Metal") of admission today of its entire issued ordinary share capital to
trading on AIM, a market operated by the London Stock Exchange plc. This
announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/GMET/first-day-of-dealings/15949375
(https://www.londonstockexchange.com/news-article/GMET/first-day-of-dealings/15949375)

Further information in respect of Golden Metal is available through the
following website link: https://www.goldenmetalresources.com/
(https://www.goldenmetalresources.com/)

Power Metal holds 52,248,756 Golden Metal ordinary shares of 1p each ("Golden
Metal Shares") representing a 62.06% interest in Golden Metal, which at the
IPO price of 8.5p per share is valued at £4,441,144 on admission.

Power Metal's shareholding above is subject to a 12-month lock in agreement
from today's date prohibiting the sale of Golden Metal Shares, with a follow
on further 12-month orderly market arrangement thereafter.

In addition to the shareholding above, Power Metal holds 1,749,378 warrants to
subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of
10.75p per share and with a life to expiry of 12 months from today's date.
Power Metal also holds 1,749,378 warrants to subscribe for a further 1,749,378
Golden Metal Shares at an exercise price of 17.5p per share and with a life to
expiry of 24 months from today's date.

Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:

"We welcome today's listing of Golden Metal focused on exploration and
development of its resource projects interests in Nevada, USA.

I would like to thank the Golden Metal team and advisers for their hard work
and dedication to deliver this important listing and look forward to Golden
Metal driving their business forward, with proactive exploration programmes
and news flow.

The value of Power Metal's investments in Golden Metal (on IPO), Kavango
Resources PLC (LON:KAV) and First Class Metals PLC (LON:FCM) amounts to £7.7
million in aggregate, comprising over half of Power Metal's market
capitalisation at market close on 9 May 2023.  Further updates are planned
across the Company's remaining eight projects, including targeted listings,
disposals or joint ventures."

 

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
 Sean Wade (Chief Executive Officer)                                                 +44 (0) 20 3778 1396

 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) 14 8341 3500

 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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