TIDMPOW
RNS Number : 1928Y
Power Metal Resources PLC
05 September 2022
5 September 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Financing Raising GBP800,000
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces it has completed a placing
to raise GBP800,000 before expenses. (the "Financing").
HIGHLIGHTS
-- Power Metal has raised GBP800,000 before expenses for the
advancement of select priority exploration projects and for general
working capital purposes with the Financing undertaken at the
closing market bid price of 1.4 pence on 2 September 2022 (see
below for detailed Financing terms).
-- The funds raised will support the acceleration, and allow for
the potential expansion, of the ongoing geophysics and upcoming
drill programme at the Molopo Farms Complex Project ("Molopo" or
the "Project") located in Botswana, where drilling is scheduled to
commence mid-September targeting a large-scale nickel sulphide
discovery.
-- The Financing also enables the potential expansion of other
priority exploration activities.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"Our work at the Molopo Farms Project in Botswana continues to
support the potential for a nickel sulphide discovery in what is a
unique district scale land package where we will be diamond
drilling not only one electromagnetic ("EM") conductor, but
multiple conductors located across a large Project footprint.
At Molopo we have accelerated planned drilling with the final
preparations underway and drilling is expected to commence
mid-September.
Considering the scale of the conductors identified, especially
that at priority target area T1-6, and the number of conductors
being targeted it was clear that we needed to be prepared for the
possibility of an expanded campaign at the Project and we have
undertaken the Financing to position for that expansion.
In addition, the Financing supports the continuation of our
aggressive exploration across other priority exploration interests,
where we are starting to see some highly encouraging findings."
FINANCING FURTHER INFORMATION
-- The Company has raised GBP800,000 before expenses through the
issue of 57,142,857 new ordinary shares of 0.1p each in the Company
(the "Financing Shares") at an issue price of 1.4p per share, the
closing market bid price on 2 September 2022.
-- Each Financing Share has an attaching warrant to subscribe
for one new ordinary share of 0.1p each ("Ordinary Share") at an
exercise price of 2.0p with a 12-month term from 19 September 2022
("Financing Warrant") creating 57,142,857 Financing Warrants.
-- Should the Power Metal share price exceed a volume weighted
average share price of 10p for five trading days Power Metal may
issue a written notice to Financing Warrant holders providing ten
trading days to exercise the Financing Warrants and ten further
trading days to make payment of exercise monies or the Financing
Warrants may be cancelled.
-- The Financing was undertaken by the Company's joint broker
First Equity Limited. Power Metal has issued First Equity Limited
with 5,714,286 warrants to subscribe for new Ordinary Shares on the
same terms as the Financing Warrants.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 57,142,857 Financing Shares to
be admitted to trading on AIM which is expected to occur on or
around 19 September 2022 ("Admission"). The Financing 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 1,594,654,921 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.
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 Results from ground
Uranium programme underway exploration including
at 3 properties. Continuing spectrometer analysis,
data analysis across sampling and mapping.
the property portfolio.
--------- --------- ----------------------------- --------------------------
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%(#) Final preparations Commencement of
Farms for the launch of T1-6 drill programme,
K1-6 conductor target and findings therefrom
drilling and MLEM and results from
surveys over T1-6, MLEM surveys.
T1-14, T1-3 and T2-3
targets.
--------- --------- ----------------------------- --------------------------
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 - POW 28.19% www.firstclassmetalsplc.com
Metals PLC Exploration in the Schreiber-Hemlo
region of Ontario, Canada
------------------------------------ ------------------------------------------------------------
First Development Planned IPO - POW 62.12% www.firstdevelopmentresources.com
Resources PLC Exploration in Western Australia
and the Northern Territory
of Australia
------------------------------------ ------------------------------------------------------------
Golden Metal Planned IPO - POW 83.13% www.goldenmetalresources.com
Resources PLC Exploration and development
in Nevada, USA
------------------------------------ ------------------------------------------------------------
Kavango Resources Investment - POW 14.03% www.kavangoresources.com
PLC (subject to completion of
Kanye Resources disposal
announced 8.7.22)
Exploration in Botswana
------------------------------------ ------------------------------------------------------------
New Ballarat Planned IPO - POW 49.9% A new website is currently
Gold PLC Exploration in the Victoria in development which
Goldfields of Australia will be found at www.newballaratgoldcorp.com
.
In the interim further
information in respect
of NBGC can be found
at:
https://www.powermetalresources.com/project/victoria-goldfi
elds/
.
------------------------------------ ------------------------------------------------------------
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September 05, 2022 02:00 ET (06:00 GMT)
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