1 February 2024
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Strategic Financing Raising £1.3
million
Funding Cornerstoned by Strategic
Investors
Power Metal Resources PLC (AIM:POW),
the London listed exploration company with a global project
portfolio, announces a financing raising
£1.3million ("Financing").
HIGHLIGHTS:
§ Power Metal has raised £1.3m
in a strategic financing through the issue of 130,000,000 new
ordinary shares of 0.1 pence each ("Ordinary Shares") at an issue
price of 1.0 pence per Ordinary Share, representing a premium of
approximately 3.09 per cent. to the closing mid-market price of
0.97 pence per Ordinary Share on 31 January 2024, being the latest
practicable date prior to the publication of this announcement.
There are no warrants to be issued in conjunction with the
Financing.
§ The Financing was
cornerstoned by UK-based high net worth investors and a strategic
Saudi Arabian investor.
§ The Financing demonstrates
the ability of the Company to secure direct funding from strategic
investors, helping to move the shareholder register to include a
greater proportion of longer term and institutional
holders.
§ The Financing will be applied
to the acceleration of high impact exploration initiatives and
corporate activities across the Power Metal
group.
Sean Wade, Chief Executive Officer of
Power Metal Resources, commented:
"Power Metal is highly active in its exploration and corporate
activities and we expect to announce further important news from
across our varied business interests in the near
term.
Corporately, we have been seeking to augment our shareholder
register with strategic high net worth and institutional investors,
to further strengthen the ownership of the Company and achieve a
greater proportion of the Company's shares in the hands of long
term investors.
This process, started in May 2023 with the involvement of Rick
Rule's investing vehicle, continues with this announcement today,
with the Financing cornerstoned by UK-based high net worth
investors and, for the first time, a strategic Saudi Arabian
investor.
Importantly, we are also demonstrating the Company's ability
to secure funds from new sources, giving our shareholders
confidence in the ability of the Company to robustly finance its
ambitious plans."
ADMISSION AND TOTAL VOTING
RIGHTS
Application will be made for the
130,000,000 Ordinary Shares to be admitted to trading on AIM which
is expected to occur on or around 7 February 2024 ("Admission").
The Financing Shares will rank pari passu in all respects with the
existing Ordinary Shares currently traded on AIM.
Following Admission, the Company's
issued share capital will comprise 2,213,468,324 ordinary
shares of 0.1 pence 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
|
|
Sean Wade (Chief Executive
Officer)
|
+44 (0) 20 3778 1396
|
|
|
SP Angel Corporate Finance (Nomad
and Joint Broker)
|
|
Ewan Leggat/Caroline Rowe/Harry
Davies-Ball
|
+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
BlytheRay (PR Advisors)
Tim Blythe/Megan Ray
|
+44 (0) 20 7330 1883
+44 (0) 20 7138 3204
|
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.