REG - Power Metal - Notice of General Meeting

Power Metal ResourcesAnnouncement

04/03/2022 17:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220304:nRSD7622Da&default-theme=true

RNS Number : 7622D  Power Metal Resources PLC  04 March 2022

4 March 2022

Power Metal Resources plc

("Power Metal" or the "Company")

Notice of General Meeting

Power Metal Resources plc (LON:POW), the London listed exploration company
seeking large-scale metal discoveries across its global project portfolio
announces that the Company will hold a further General Meeting which will take
place after the Company's Annual Meeting on 30 March 2022.

This General Meeting will seek shareholder approval for resolutions enabling
the Company to consider shareholder distributions. At present the Company has
carried forward losses and under UK company law cannot undertake distributions
unless it undertakes a Capital Reduction process. The proposed Capital
Reduction is conditional upon both shareholder and subsequent court approval
being obtained.

The Capital Reduction will not change the number of the Company's ordinary
shares in issue or their nominal value of 0.1 pence each.

Shareholders are advised to review the Company's announcement on 16 February
2021 which provided further background information in respect of potential
shareholder distributions and which may be viewed through the following link:

https://www.londonstockexchange.com/news-article/POW/shareholder-distributions-update/14866702
(https://www.londonstockexchange.com/news-article/POW/shareholder-distributions-update/14866702)

The Notice of General Meeting and a letter from the Chairman of Power Metal
have been posted to shareholders today.

The General Meeting will take place at 11.00am on 30 March 2022 at Suite 24,
Temple Chambers, 3-7 Temple Avenue, London, EC4Y ODT.  Documentation in
respect of the General Meeting may be viewed on the Company's website through
the following link:

https://www.powermetalresources.com/shareholder-circulars/
(https://www.powermetalresources.com/shareholder-circulars/)

 

 INDICATIVE TIMETABLE OF PRINCIPAL EVENTS

 Publication date of this document                                        3 March 2022

 Latest time and date for receipt of Forms of Proxy                       11:00 a.m. on 28 March 2022
 General Meeting                                                          11:00 a.m. on 30 March 2022

 Court directions hearing                                                 May 2022

 Court hearing to confirm the Capital Reduction                           June 2022

 Registration of Court Order and effective date of the Capital Reduction  July 2022

 If any details contained in the timetable above should change, the revised
 times and dates will be notified by means of an announcement through a
 Regulatory News Service.

 Notes:

 1.   The indicative timings for the Court hearings are subject to change and
 dependent on the Court's timetable.

 2.   This date will depend on, amongst other things, the date on which the
 Court confirms the Capital Reduction.

 

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 (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 5 of 7 properties.
 Authier North Lithium                     Canada     Earn-in to 100%  Soil & rock sampling completed                                                   Interpretation of laboratory assay results of samples collected defining next
                                                                                                                                                        exploration steps.
 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%(A)           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.
 Haneti Project                            Tanzania   35%              Diamond drill programme completed                                                Laboratory assay results awaited.
 Selta Uranium Rare Earth Element Project  Australia  83.33%           Geological, geophysical and geochemical review across the project.               Findings of review including confirmation of key targets for next stage
                                                                                                                                                        exploration.
 Victoria Goldfields                       Australia  49.9%            Diamond drill programme underway                                                 Field updates and Laboratory assay results awaited.

 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

(A) should Kavango exercise their option to acquire Kalahari Key, Power Metal
interest would reduce to 40% of the Molopo Farms Complex project

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NOGBRGDXIBGDGDS