Power Metal Resources PLC PDMR Irrevocable Undertaking to Exercise Warrants (3517I)
August 11 2021 - 9:51AM
UK Regulatory
TIDMPOW
RNS Number : 3517I
Power Metal Resources PLC
11 August 2021
11 August 2021
Power Metal Resources plc ("Power Metal" or the "Company")
Irrevocable Director Undertaking to Exercise Warrants
Power Metal Resources plc (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces that today Value Generation
Limited a private company beneficially owned by Paul Johnson, Chief
Executive Officer of the Company, has provided an irrevocable
undertaking to exercise warrants to subscribe for ten million new
ordinary shares in the Company of 0.1p each ("Ordinary
Shares").
The warrants were issued to participants in a financing
undertaken by the Company in February 2019 and in which Value
Generation Limited subscribed for ten million new Ordinary Shares,
receiving ten million warrants to acquire Ordinary Shares at a
price of 1.0p per new Ordinary Share (the "Warrants").
The expiry date of the Warrants is 18 August 2021 and Value
Generation Limited has irrevocably confirmed it will exercise the
Warrants on 17 August 2021 and pay GBP100,000 exercise monies to
the Company.
The irrevocable undertaking to exercise the Warrants has been
given by Value Generation Limited to mitigate the possibility of
Paul Johnson being in possession of price sensitive information
prior to the expiry date of the Warrants and unable to exercise the
Warrants as a result.
Further relevant disclosures will be made on or around 17 August
2021.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"Since joining the board and with today's commitment, I will
have invested over half a million pounds cash into Power Metal
shares. Much of that investment has been through on market
purchases, alongside participation in all three financings
undertaken since February 2019.
Today's irrevocable commitment brings my first warrant exercise
raising GBP100,000 for Power Metal and adding to our existing
robust working capital position.
My remaining warrants and options if exercised in full would
provide additional cash to the Company of just under
GBP1million.
As the largest notified shareholder in the Power Metal I am in a
fortunate position as CEO, able to play a considerable part in the
future advancement of the Company. We have grand ambitions, a
brilliant and growing operational team, and an exceptional
portfolio of projects giving our shareholders exposure to multiple
potential district scale discovery scenarios.
We have entered into an intensive period in the life of Power
Metal, with numerous discovery focused drill programmes planned in
the balance of 2021. Let's see what transpires!"
PDMR Disclosure
The notifications below, made in accordance with the
requirements of the EU Market Abuse Regulation, provide further
detail on the director's share dealing.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name
1. Paul Johnson
-------------------------------------- --------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------------
a) Position/status
1. Chief Executive Officer
-------------------------------------- --------------------------------------------------
b) Initial notification
/Amendment Initial Notification
-------------------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------------
a) Name
Power Metal Resources Plc
-------------------------------------- --------------------------------------------------
b) LEI
213800VNXOUPHTX53686
-------------------------------------- --------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
------------------------------------------------------------------------------------------
a) Description of the financial ordinary shares of 0.1p each
instrument, type of
instrument
Identification code ISIN: GB00BYWJZ743
b) Nature of the transaction
1. Irrevocable Commitment to Exercise
Share Warrants
-------------------------------------- --------------------------------------------------
c) Price(s) and volume(s)
---------------------- -----------------------
Price(s) Volume(s)
---------------------- -----------------------
1.0p 10,000,000
---------------------- -----------------------
d) Aggregated information
- Aggregated volume 10,000,000
- Price 1.0p
e) Date of the transaction 11 August 2021
-------------------------------------- --------------------------------------------------
f) Place of the transaction Off Market
-------------------------------------- --------------------------------------------------
Certain information contained in this announcement would have
been deemed 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 (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 and base 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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