8 December 2021
Power Metal Resources plc ("Power Metal" or the "Company")
Exercise of Warrants and Admission of Financing Shares
Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an Exercise of Warrants and admission of shares to be issued in respect of the Company's financing announced previously.
Warrant Exercise
The Company has received notices to exercise warrants over 7,500,000 new ordinary shares of 0.1 pence each in the Company ("Warrant Shares") raising an additional £52,500 for the Company.
The Warrant Shares are being issued pursuant to the exercise of 7,500,000 warrants at an exercise price of 0.7 pence per ordinary share of 0.1 pence each in the Company ("Ordinary Share).
Admission of Financing Shares
In addition, it is noted that following the Company's Financing announced on 15 November 2021 60,000,000 new Ordinary Shares will be admitted to trading on AIM on or around 13 December 2021 ("Financing Shares"). The Financing Shares have therefore been included in the Total Voting Rights below.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 7,500,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 15 December 2021 ("Admission"). The Warrant Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Following Admission, the Company's issued share capital will comprise 1,425,839,987 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information please visit 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 results from on-site work programme. |
| Athabasca Uranium | Canada | 100% | Phase I field exploration completed | Laboratory assay results of samples collected for uranium and REEs |
| Authier North Lithium | Canada | Earn-in to 100% | Soil & rock sampling completed | Laboratory assay results of samples collected |
| Ditau Project | Botswana | 50% | Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals
| Field programme findings and defined drill targets for near term drilling. |
| Kalahari Copper Belt | Botswana | 50% | Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas | Field programme findings and defined drill targets for near term drilling |
| Molopo Farms | Botswana | 53% | Kavango Option to acquire an interest in local project holding company. Option fee payable through defined work programme | Results from various work activities underway as part of the Kavango Option |
| Tati Gold/Nickel | Botswana | 100% | Reverse circulation drill programme completed | Laboratory assay results awaited |
| Victoria Goldfields | Australia | 49.9% | Ongoing exploration across 848km2 of granted exploration licences
| Results from field programme including drill targets for near term drilling |
| Wallal Gold/Copper Project | Australia | 83.33% | Passive seismic and 2D seismic processing work programme completed | Results awaited |
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