TIDMPOW
RNS Number : 6891C
Power Metal Resources PLC
12 October 2022
12 October 2022
Power Metal Resources PLC ("Power Metal" or the "Company")
Company Adviser Warrant Pool
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces the creation of a Company
Adviser Warrant Pool (the "Adviser Pool") for distribution at the
Board's discretion to business advisers, consultants and in-country
teams who are, or may become, key to business growth and
development and have been, or may be, important to the strategic
and financial positioning of the Company.
The Company has a core staff of 11 UK team members, including
board directors. This team oversees and manages operations across
North America, Africa and Australia. To do this Power Metal has
adopted a 'hub and spoke' approach management, with the UK team
supported by a network of UK advisers and consultants and
operational teams in each country of operations.
With the growth of Power Metal's interests the network of
advisors has grown, and in line with the ethos of the Company, the
Board wish to ensure that those providing valuable support to the
Company can share in the exposure to equity upside.
Reflecting the above Power Metal has today created the Adviser
Pool comprising 25m warrants over new ordinary shares of 0.1 pence
in the Company ("Ordinary Shares") in total.
The exercise terms of the new warrants are the same as those
created for those awarded to team members of the Company in 2022,
namely, to acquire new Ordinary Shares at an exercise price of
3.25p per share.
The Adviser Pool Warrants:
- have a life to expiry ending 12 October 2025, save that should
the volume weighted average share price ("VWAP") of the Company
exceed 10.0p for five consecutive trading days, Power Metal shall
have the right to serve a ten business day notice on the Adviser
Pool warrant holders to exercise and pay for their allocation, or
they may be cancelled by the Company.
- are subject to a share price performance condition and cannot
be exercised until the VWAP of the Company has exceeded 5.0p per
Ordinary Share for ten consecutive trading days.
To be clear, Power Metal directors will not receive warrants
from this Adviser Pool, which is designed to incentivise advisers,
consultants and others who are external to the Company.
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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or
underway, with results awaited, as outlined in the table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Assay result from
Uranium programme complete samples collected
at 3 properties. Preliminary during fieldwork.
planning for work
in Spring/Summer 2023
is ongoing.
--------- --------- ------------------------------ --------------------------
Authier Canada Earn-in Property Evaluation Update covering
North to 100% Report completed. exploration plans
Lithium for target areas
identified during
the Evaluation.
--------- --------- ------------------------------ --------------------------
Molopo Botswana 53%(#) T1-6 conductor target Drill programme
Farms drilling underway updates and findings
and MLEM surveys over from further MLEM
T1-6, T1-14, T1-3 survey work.
and T2-3 completed.
Further MLEM surveys
planned over additional
AEM targets identified.
--------- --------- ------------------------------ --------------------------
Tati Botswana 100% RC drilling and sampling Review of mine dumps
Project of mine dumps complete. sampling and results
from RC drill programme.
--------- --------- ------------------------------ --------------------------
(#) subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
Exploration work programmes may also be underway within Power
Metal investee companies and planned IPO vehicles where Power Metal
has a material interest, the findings from which will be released
on their respective websites, with simultaneous updates through
Power Metal regulatory announcements where required.
These interests are summarised in the table below:
Company Status/Operations Link
First Class Investment - www.firstclassmetalsplc.com
Metals PLC POW 27.91%
Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Development Planned IPO www.firstdevelopmentresources.com
Resources - POW 62.12%
PLC Exploration
in Western Australia
and the Northern
Territory of
Australia
------------------------ ------------------------------------------------------------------
Golden Planned IPO www.goldenmetalresources.com
Metal Resources - POW 83.13%
PLC Exploration
and development
in Nevada, USA
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 14.03% (subject
PLC to completion
of Kanye Resources
disposal announced
8.7.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
New Ballarat Planned IPO A new website is currently in development
Gold PLC - POW 49.9% which will be found at www.newballaratgoldcorp.com
Exploration .
in the Victoria In the interim further information
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy Exploration - POW on listing
PLC estimated 40-55%
Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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