TIDMPOW

RNS Number : 2778Y

Power Metal Resources PLC

05 September 2022

5 September 2022

Power Metal Resources PLC

("Power Metal" or the "Company")

Additional Financing Raising GBP280,000

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces it has completed a further placing of GBP280,000 with a single new investor in the Company.

Together with the GBP800,000 fundraise announced earlier today, the additional placing of GBP280,000 brings the total raised to GBP1,080,000 before expenses.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:

"Power Metal welcomes the additional amount raised of a further GBP280,000 notably through a single investor, a client of our broker First Equity Limited.

This additional amount will provide Power Metal yet greater financial firepower as we embark upon what I consider to be one of the most important phases in our corporate history."

FINANCING FURTHER INFORMATION

-- The Company has raised GBP280,000 before expenses through the issue of 20,000,000 new ordinary shares of 0.1p each in the Company (the "Financing Shares") at an issue price of 1.4p per share, the closing market bid price on 2 September 2022.

-- Each Financing Share has an attaching warrant to subscribe for one new ordinary share of 0.1p each ("Ordinary Share") at an exercise price of 2.0p with a 12-month term from 19 September 2022 ("Financing Warrant") creating 20,000,000 Financing Warrants.

-- Should the Power Metal share price exceed a volume weighted average share price of 10p for five trading days Power Metal may issue a written notice to the Financing Warrant holder providing ten trading days to exercise the Financing Warrants and ten further trading days to make payment of exercise monies or the Financing Warrants may be cancelled.

-- The Financing was undertaken by the Company's joint broker First Equity Limited. Power Metal has issued First Equity Limited with 2,000,000 warrants to subscribe for new Ordinary Shares on the same terms as the Financing Warrants.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 20,000,000 Financing Shares to be admitted to trading on AIM which is expected to occur on or around 19 September 2022 ("Admission"). The Financing 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 1,614,654,921 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.

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/ 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.

Exploration Work Overview

Power Metal has internal exploration programmes completed or underway, with results awaited, as outlined in the table below.

 
  Project    Location   Current         Work Completed or              Results Awaited 
                           POW               Underway 
                            % 
 
 Athabasca    Canada      100%     Ground exploration             Results from ground 
  Uranium                           programme underway             exploration including 
                                    at 3 properties. Continuing    spectrometer analysis, 
                                    data analysis across           sampling and mapping. 
                                    the property portfolio. 
            ---------  ---------  -----------------------------  -------------------------- 
 Authier      Canada    Earn-in    Property Evaluation            Update covering 
  North                  to 100%    Report completed.              exploration plans 
  Lithium                                                          for target areas 
                                                                   identified during 
                                                                   the Evaluation. 
            ---------  ---------  -----------------------------  -------------------------- 
 Molopo      Botswana    53%(#)    Final preparations             Commencement of 
  Farms                             for the launch of              T1-6 drill programme, 
                                    K1-6 conductor target          and findings therefrom 
                                    drilling and MLEM              and results from 
                                    surveys over T1-6,             MLEM surveys. 
                                    T1-14, T1-3 and T2-3 
                                    targets. 
            ---------  ---------  -----------------------------  -------------------------- 
 Tati        Botswana     100%     RC drilling and sampling       Review of mine dumps 
  Project                           of mine dumps complete.        sampling and results 
                                                                   from RC drill programme. 
            ---------  ---------  -----------------------------  -------------------------- 
 

(#) subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%

Exploration work programmes may also be underway within Power Metal investee companies and planned IPO vehicles where Power Metal has a material interest, the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required. These interests are summarised in the table below:

 
      Company                 Status/Operations                                       Link 
 First Class         Investment - POW 28.19%                               www.firstclassmetalsplc.com 
  Metals PLC          Exploration in the Schreiber-Hemlo 
                      region of Ontario, Canada 
                    ------------------------------------  ------------------------------------------------------------ 
 First Development   Planned IPO - POW 62.12%                           www.firstdevelopmentresources.com 
  Resources PLC       Exploration in Western Australia 
                      and the Northern Territory 
                      of Australia 
                    ------------------------------------  ------------------------------------------------------------ 
 Golden Metal        Planned IPO - POW 83.13%                             www.goldenmetalresources.com 
  Resources PLC       Exploration and development 
                      in Nevada, USA 
                    ------------------------------------  ------------------------------------------------------------ 
 Kavango Resources   Investment - POW 14.03%                                www.kavangoresources.com 
  PLC                 (subject to completion of 
                      Kanye Resources disposal 
                      announced 8.7.22) 
                      Exploration in Botswana 
                    ------------------------------------  ------------------------------------------------------------ 
 New Ballarat        Planned IPO - POW 49.9%               A new website is currently 
  Gold PLC            Exploration in the Victoria          in development which 
                      Goldfields of Australia              will be found at www.newballaratgoldcorp.com 
                                                           . 
                                                           In the interim further 
                                                           information in respect 
                                                           of NBGC can be found 
                                                           at: 
                                                           https://www.powermetalresources.com/project/victoria-goldfi 
                                                           elds/ 
                                                           . 
                    ------------------------------------  ------------------------------------------------------------ 
 

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END

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September 05, 2022 05:48 ET (09:48 GMT)

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