TIDMPOW
RNS Number : 3133S
Power Metal Resources PLC
15 November 2021
15 November 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Financing Raises GBP1,050,000
Power Metal Raises GBP1.05 million to Accelerate Operational and
Strategic Opportunities
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces the Company has raised
GBP1.05 million through a placing of new ordinary shares of 0.1
pence each in the Company as detailed below (the "Placing").
HIGHLIGHTS:
- Power Metal raised GBP1.05 million at the closing market mid-price of 1.75p on 12/11/21.
- Funds raised to enable acceleration of business operations
including strategic exploration activities and corporate
opportunities.
- Power Metal working capital comprising solely cash and listed
investments increases to circa GBP3million.
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
" The new shares issued in the Placing undertaken by the Company
represents dilution of just 4.5% of current issued share capital
and adds a material further cash resource into the Company at this
opportunistic time.
Power Metal has maintained a strong working capital position
throughout 2021, notwithstanding significant investment in
exploration and corporate development. The Company is now at a key
point where extensive exploration activities are underway and
corporate activities are intensifying.
The Placing will allow the Company to expand its exploration
budgets, accelerate corporate work and complete on a number of new
initiatives.
The Power Metal board have been unable to participate in this
Placing as we are actively involved in a number of initiatives that
due to the possession of potentially price sensitive information
would preclude us from buying the Company's shares at this
time."
FINANCING DETAILS
- The Company has raised GBP1,050,000 through the issue of
60,000,000 new ordinary shares of 0.1p each ("Placing Shares") at
an issue price of 1.75p, the closing mid-market price on 12
November 2021.
- Each Placing Share will have an attaching warrant to subscribe
for a further new ordinary share of 0.1p each ("Ordinary Share") at
an exercise price of 3.5p each with a two year term from the
admission of the Placing Shares ("Placing Warrant") creating
60,000,000 Placing Warrants.
- Should the Power Metal share price exceed a volume weighted
average share price of 10p for ten trading days Power Metal may
issue a written notice to Placing Warrant holders providing ten
trading days to exercise the Placing Warrants and ten further
trading days to make payment of exercise monies or the Placing
Warrants may be cancelled.
- The Placing was undertaken by the Company's Joint broker First
Equity Limited.Power Metal will issue First Equity Limited
6,000,000 warrants to subscribe for Ordinary Shares on the same
terms as the Placing Warrants.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 60,000,000 Placing Shares to be
admitted to trading on AIM which is expected to occur on or around
13 December 2021 ("Admission"). The Placing 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 1,403,339,987 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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal now has the following exploration completed with
results awaited or exploration underway:
- Authier North Lithium Project (POW 100%)(Canada) - soil &
rock sampling completed (laboratory assay results awaited)
- Athabasca Uranium (POW 100%) (Canada) - Phase I exploration
completed (laboratory assay testing of samples collected,
awaited)
- Tati Gold/Nickel Project (POW 100%) (Botswana) - reverse
circulation drilling completed (field results, together laboratory
assay results awaited)
- Molopo Farms Complex (Botswana) - further samples being tested
for nickel sulphide and platinum group elements ("PGEs") from
diamond drill programme completed (laboratory assay results
awaited)
- Ditau Project (Botswana) - preparatory exploration work
underway on target I10 in preparation for planned drilling
targeting rare earth elements and base metals
- Kalahari Copper Belt (Botswana) - results from ongoing
exploration across the South Ghanzi Project and further exploration
at the more recently acquired South Ghanzi Extension and Mamuno
licence areas in preparation for planned drilling of copper-silver
targets
- Haneti Project (Botswana) - final preparations underway in
preparation for planned deep diamond of nickel sulphide-PGE
targets.
- Wallal Gold/Copper Project (Australia) - geophysics results
from 2D seismic processing and passive seismic awaited
- Victoria Goldfields (Australia) - results from ongoing
exploration across 848km(2) of granted exploration licences
including preparation work for planned drilling of gold targets
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
IOEGPGUAGUPGPWC
(END) Dow Jones Newswires
November 15, 2021 02:00 ET (07:00 GMT)
African Battery Metals (LSE:ABM)
Historical Stock Chart
From Mar 2024 to Apr 2024
African Battery Metals (LSE:ABM)
Historical Stock Chart
From Apr 2023 to Apr 2024
