Power Metal Resources PLC Directorate Change (5027M)
September 21 2021 - 9:59AM
UK Regulatory
TIDMPOW
RNS Number : 5027M
Power Metal Resources PLC
21 September 2021
21 September 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Directorate Change
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces that Andrew Bell, Chairman
of the Company, is to step down as Chairman and as a director on 30
September 2021 to focus on Red Rock Resources plc ("RRR") and the
new planned London capital market IPO of New Ballarat Gold
Corporation PLC ("New Ballarat"), the new holding company for the
interests of Power Metal and RRR in Red Rock Australasia Pty
Limited ("RRAL").
Power Metal is seeking to appoint a new chairman and a further
announcement will be made in due course.
Mr Bell will continue to work with the Company in an advisory
capacity for a minimum of 12 months.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"I would like to thank Andrew for his work as Chairman since
February 2019 when together we joined the Board of the Company and
commenced a process of high paced corporate reinvigoration.
We were able to bring Power Metal back to life and then build a
global exploration company with interests across North America,
Africa and Australia.
Andrew's continuous work and willingness to engage with bold new
opportunities has enabled Power Metal to assemble the portfolio of
projects we have today.
One important project RRAL, our joint venture in the Victoria
Goldfields, Australia, has 2,334km(2) of ground footprint against
which exploration licence applications have been submitted and of
which 848km(2) has been granted to date. RRAL has active
exploration in the field and a number of drill targets for Q4 2021.
This joint venture is preparing for a planned IPO in London under
the name New Ballarat Gold Corporation PLC and needs the focussed
attention that Andrew can provide.
I look forward to reporting on listing developments for New
Ballarat, which I believe holds considerable potential value for
Power Metal.
We now move forward to a new phase in Power Metal's development
and find ourselves at a notable value inflection point. Our
portfolio covers exploration for nine metals and we currently have
eleven exploration programmes underway or planned for the balance
of 2021, including five drill programmes."
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 (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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