TIDMPOW
RNS Number : 3589X
Power Metal Resources PLC
25 April 2023
25 April 2023
Power Metal Resources plc ("Power Metal" or the "Company")
Insider Warrant Update
Power Metal Resources plc (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces a warrant update.
The Company would refer readers to its announcement of 24
October 2022 wherein warrants to subscribe for new ordinary shares
of 0.1p in Power Metal at an exercise price of 0.75p per share
("Insider Warrants"), held by Company directors, could not be
exercised at the original expiry date of 20 July 2022 ("July 2020
Warrants") and were extended to an expiry date of 21 April 2023 as
a result.
The Insider Warrants were issued to directors following their
participation in a Company financing in July 2020.
The Insider Warrants are held by Paul Johnson, former Director
and Chief Executive Officer of the Company and Ed Shaw,
Non-executive Director (together the "Insiders") as follows:
Warrant Holder N umber of Warrants Exercise Price
Paul Johnson 20,000,000 0.75p
-------------------- ---------------
Ed Shaw 7,500,000 0.75p
-------------------- ---------------
Current Status of the Insider Warrants
The Insider Warrants remain valid as the Insiders remain unable
to exercise at this time due to ongoing proactive exploration and
corporate activities, reflecting Ed Shaw's director position and
Paul Johnson's continuing support to the Company as outlined in the
announcement of 10 March 2023.
This exploration and corporate activity includes, but is not
limited to:
- Exploration results expected to be released from the Molopo
Farms Complex Project and Tati Project in Botswana and the Berringa
Project in the Victoria Goldfields, Australia, and
- Developments in respect of the Company's Athabasca uranium interests in Saskatchewan, Canada.
- Advanced spin-out IPOs and disposal activities across multiple project interests.
Under the July 2020 Warrant instrument Clause 2.3 provides that
should any July 2020 Warrant holder be in the possession of price
sensitive information and be thereby precluded from exercising
warrant subscription rights, the exercise period shall be extended
until 20 business days following the date on which the Warrant
holder ceases to be an insider.
It is the Insiders' intention to exercise the warrants as soon
as they are free to do so however given the level of activity
within the Company this may not be possible for some time.
The Insider Warrants remain available to exercise under Clause
2.3 however the Company has extended the expiry date on the
warrants to 21 October 2023 to reflect the limitations on exercise
as described above. Should the Insider Warrants be unexercised on
21 October 2023, the Insiders must either give an irrevocable
commitment to exercise the Insider Warrants when next able to so
do, or the Board may consider a further extension.
Related Party Note
The extension of the Insider Warrants held by Paul Johnson and
Ed Shaw as outlined above, have been treated as related party
transactions for the purposes of AIM Rule 13.
Sean Wade, Scott Richardson Brown and Owain Morton being the
independent Director s for the purposes of the extension of the
expiry date of the Insider Warrants held by Paul Johnson and Ed
Shaw considers, having consulted with the Company's nominated
adviser, SP Angel, that the extension of the warrant expiry date to
21 October 2023 to such related parties is fair and reasonable
insofar as the Shareholders are concerned.
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
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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