TIDMPOW
RNS Number : 2726F
Power Metal Resources PLC
03 November 2022
3 November 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Kalahari Key Botswana - Acquisition & Drilling Update
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an update in respect of the
acquisition of an additional 58.7% interest in Kalahari Key Mineral
Exploration Pty Limited ("Kalahari Key" or "KKME") (the
"Transaction").
The steps outlined below will result in Power Metal holding an
87.71% interest in Kalahari Key, which will hold a 100% interest in
the Molopo Farms Complex Project (the "Project", "Molopo Farms" or
the "MFC Project") targeting a large-scale nickel-platinum group
metal ("PGM") discovery in southwest Botswana.
The conditional acquisition was originally announced on 18 May
2022 which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
Paul Johnson, Chief Executive Officer of Power Metal Resources
PLC, commented:
"Today Power Metal announces the next steps towards completion
of the acquisition of Kalahari Key shares and the remaining steps
that will take Power Metal's interest in Kalahari Key and therefore
Molopo Farms to 87.71%.
Drilling at Molopo Farms continues successfully with the first
two drill holes now complete and downhole geophysics on the first
hole underway. The drill rig is moving to target area T1-14 in the
coming days to commence the third diamond drillhole targeting a
superconductor identified there by a recently completed moving loop
electromagnetic survey.
A further detailed operational update is expected in the near
term."
DIAMOND DRILL PROGRAMME UPDATE
The first two holes into target T1-6 have been successfully
completed as follows:
- DDH1-6(B) drilled to 650.0m
- DDH1-6(B)(2) drilled to 300.2m
Downhole geophysics is currently underway at DDH1-6(B).
The drill site has been prepared at target T1-14 ready for
diamond drilling into the electromagnetic superconductor target
identified. Drilling at T1-14 is expected to commence shortly.
The Company expects to release a further detailed operational
update covering the latest developments at Molopo Farms in the near
future.
ISSUE OF CONSIDERATION SHARES
Following the receipt of regulatory approvals for the
Transaction as announced on 28 October 2022 Power Metal and as
outlined in the original Transaction announcement of 18 May 2022
(see link above), Power Metal will now issue the following
consideration to the shareholder of Kalahari Key selling their
shares to Power Metal (the "Vendors"):
Initial Consideration:
Initial consideration of GBP807,348 payable through the issue to
the Vendors of 46,134,171 new ordinary Shares of 0.1p each in the
Company ("Ordinary Shares") at an issue price of 1.75p per new
Ordinary Share ("Consideration Shares") and warrants over
46,134,171 new Ordinary Shares at a 3.5p exercise price with an
expiry date of 18 May 2024 ("Consideration Warrants").
With respect to the Consideration Warrants, Power Metal will
hold an acceleration right, whereby should the volume weighted
average Power Metal share price exceed 7.0p for 5 trading days,
Power Metal has the right to serve written notice to the Vendors of
14 days to exercise and pay for the Consideration Warrants or they
may be cancelled.
Further Consideration:
In the event, that by 18 May 2024 Kalahari Key or the MFC
Project is sold for US$10million or greater, or a joint venture (or
earn-in) agreement is signed with a potential third party where the
potential project spend is US$10million or greater, Power Metal
will issue the Vendors with further warrants over 46,134,171 new
Ordinary Shares at an exercise price of 5.0p with a 2 year life to
expiry ending 18 May 2024 ("Further Consideration Warrants").
In respect of the Further Consideration Warrants Power Metal
will hold an acceleration right, whereby should the volume weighted
average Power Metal share price exceed 10.0p for 5 trading days,
Power Metal has the right to serve written notice to the Vendors of
14 days to exercise and pay for the Further Consideration Warrants
or they may be cancelled.
CONVERSION OF PROJECT EARN-IN
Power Metal is working with Kalahari Key to issue a further
17,033 Kalahari Key shares to Power Metal to extinguish its
previously secured 40% earn-in to the Molopo Farms Complex Project
and restore Kalahari Key to an effective 100% interest in the MFC
Project.
New Power Metal Holding in Kalahari Key
Following the completion of the above steps ("Completion") Power
Metal's holding in Kalahari Key will amount to 37,348 shares or
87.71% of Kalahari Key issued share capital as follows:
Shares % KKME
Power Metal Original Holding 5,313 20.79
Shares Acquired by Power Metal in KKME 15,002 58.72
Remaining KKME Shareholders 5,235 20.49
Interim Total 25,550 100.00
Shares Issued to Power Metal re Molopo
40% Earn-in 17,033
Power Metal Final KKME Shareholding 37,348 87.71
Remaining KKME Shareholders 5,235 12.29
Total Kalahari Key Shares in Issue
on Completion 42,583 100.00
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 46,134,171 Consideration Shares
to be admitted to trading on AIM which is expected to occur on or
around 10 November 2022 ("Admission"). The Consideration 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 1,660,789,092 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.
Further information in respect of Molopo Farms may be viewed on
the Company's website through the following link:
https://www.powermetalresources.com/project/molopo-farms-complex/
In addition, photographs and videos from the Project are and
will be available on the Company's website gallery section, through
the following link:
https://www.powermetalresources.com/investors/gallery/molopo-farms-complex-botswana/
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 multiple internal exploration programmes
completed or underway, with results awaited. The status for each of
the Company's priority exploration projects is outlined in the
table below.
Project Location Current Work Completed or Results Awaited
POW Underway
%
Athabasca Canada 100% Ground exploration Assay results from
Uranium programme complete samples collected
at 3 properties. Preliminary during fieldwork.
planning for work
in Spring/Summer 2023
is ongoing.
--------- ---------- ------------------------------ ----------------------
Molopo Botswana 87.71%(#) T1-6 conductor target Drill programme
Farms drilling underway, updates and findings
T1-14 first hole commencing from further MLEM
shortly. Further MLEM survey work.
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 assay
results from RC
drill programme.
--------- ---------- ------------------------------ ----------------------
(#) following completion of administrative processes for share
transfer and restructuring
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 Investment www.firstclassmetalsplc.com
Class Metals - POW 27.91%
PLC Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
First Planned IPO www.firstdevelopmentresources.com
Development - POW 62.12%
Resources Exploration
PLC 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%
PLC (subject to
completion
of Kanye Resources
disposal announced
8.7.22 and
issue of Kavango
shares e.g.
financing announced
24.10.22)
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 in
Goldfields respect of NBGC can be found at:
of Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy - POW on listing
Exploration estimated 40-55%
PLC Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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END
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