REG - Power Metal - Result of General Meeting

Power Metal ResourcesAnnouncement

30/03/2022 15:00

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RNS Number : 6407G  Power Metal Resources PLC  30 March 2022

30 March 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Results of General Meeting

 

The General Meeting of Power Metal Resources plc was held at Suite 24, Temple
Chambers, 3-7 Temple Avenue, London, EC4Y 0DT on 30 March 2022 at 11:00 a.m.

All 5 resolutions put to members were passed on poll. All 5 resolutions were
passed as special resolutions.

 

Rationale for General Meeting

 

The results of the poll (including proxy votes) are outlined in Table 1 below.

This General Meeting secured the necessary 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 approval (now
received) 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.

Further Information

Shareholders are advised to review the Company's announcement on 4 March 2022
which included a link to the Notice of General Meeting and Chairman's Letter
to shareholders.  That announcement also provides further information in
respect of steps and indicative timeline for the Capital Reduction process.

https://www.londonstockexchange.com/news-article/POW/notice-of-general-meeting/15355214
(https://www.londonstockexchange.com/news-article/POW/notice-of-general-meeting/15355214)
 

Shareholders may also review the Company's announcement on16 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)

 

Table 1 - General Meeting Resolutions - Results of Poll

 Resolution                                                                       Votes for    % Votes Cast  Votes against  % Votes Cast  Votes withheld

 Resolution 1 (Special)                                                           247,200,145  97.68         524,585        0.21          450,983

 THAT, subject to the confirmation of the court, the share premium account of
 the Company be cancelled.
 Resolution 2 (Special)                                                           247,123,939  97.65         600,791        0.24          450,983

 THAT, subject to the confirmation of the court, the capital redemption reserve
 of the Company be cancelled.
 Resolution 3 (Special)                                                           247,200,145  97.68         524,585        0.21          450,983

 THAT, subject to the confirmation of the court, the existing Deferred Shares
 be cancelled and extinguished.
 Resolution 4 (Special)                                                           247,200,145  97.68         524,585        0.21          450,983

 THAT, subject to the confirmation of the court, the existing Deferred A Shares
 be cancelled and extinguished.
 Resolution 5 (Special)                                                           246,822,847  97.53         901,883        0.36          450,983

 THAT, the Company be authorised generally and unconditionally to make market
 purchases.

 

As at 30 March 2022, there were 1,466,953,915 ordinary shares in issue.
Shareholders are entitled to one vote per share. Votes withheld are not votes
in law and so have not been included in the calculation of the proportion of
votes for and against a resolution.

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 3 of 7 properties.
 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.
 Tati Gold/Nickel       Botswana   100%             Reverse circulation drill programme completed                                    Receipt & review of laboratory assay results.
 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 now underway, including mapping and sampling.          Field updates.

 

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