Power Metal Resources PLC Investee Update - Golden Metal Resources PLC (1797A)
May 22 2023 - 3:02AM
UK Regulatory
TIDMPOW
RNS Number : 1797A
Power Metal Resources PLC
22 May 2023
22 May 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Investee Update - Golden Metal Resources PLC
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio notes the announcement today by Golden
Metal Resources PLC (LON:GMET)("Golden Metal") confirming
significant copper systems identified at Golden Metal's Garfield
Project in Nevada USA.
An extract of Highlights from the announcement is provided in
italics below:
Highlights:
- Discovery of two significant copper (Cu) zones which are now
named the "Power Line Zone" (or "Power Line") and "High-Grade Zone"
(or "High-Grade"; collectively the "Zones") which returned
individual Cu-in-soil results of up to 851ppm and 950ppm Cu.
- Importantly, the newly discovered Zones are coincident with
historical rock sampling results which returned up to 2.6% Cu at
Power Line and 5.53% Cu at High-Grade, highlighting the
significance of these newly defined copper mineralised systems at
Garfield.
This announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/GMET/garfield-project-significant-copper-systems/15965480
Power Metal Holding in Golden Metal
Golden Metal completed a listing on the AIM market of the London
Stock Exchange on 10 May 2023.
Power Metal holds 52,248,756 ordinary shares in Golden Metal
("Golden Metal Shares")representing a 62.06% interest in the
ordinary share capital of Golden Metal which, based on the closing
market mid-price of Golden Metal on 19 May 2023, was valued at
GBP4,049,279.
The total shareholding above is subject to a 12-month lock-in
agreement prohibiting the sale of Golden Metal Shares until 10 May
2024, with a follow on further 12-month orderly market arrangement
thereafter until 10 May 2025.
In addition to the shareholdings above, Power Metal holds
1,749,378 warrants to subscribe for a further 1,749,378 Golden
Metal Shares at an exercise price of 10.75p per share and an expiry
date of 10 May 2024. Power Metal also holds 1,749,378 warrants to
subscribe for a further 1,749,378 Golden Metal Shares at an
exercise price of 17.5p per share and an expiry date of 10 May
2025.
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/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.
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END
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