Power Metal Resources PLC Irrevocable Undertaking to Exercise Warrants (7828I)
August 16 2021 - 7:49AM
UK Regulatory
TIDMPOW
RNS Number : 7828I
Power Metal Resources PLC
16 August 2021
16 August 2021
Power Metal Resources plc ("Power Metal" or the "Company")
Irrevocable Undertaking to Exercise Warrants
Power Metal Resources plc (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces that Red Rock Resources plc
(LON:RRR) ("Red Rock") has provided an irrevocable undertaking to
exercise warrants to subscribe for twenty million new ordinary
shares in the Company of 0.1p each ("Ordinary Shares").
Andrew Bell is Chairman of Red Rock and is also Chairman of
Power Metal.
The warrants were issued to participants in a financing
undertaken by the Company in February 2019 and in which Red Rock
subscribed for twenty million new Ordinary Shares, receiving twenty
million warrants to acquire Ordinary Shares at a price of 1.0p per
new Ordinary Share (the "Warrants").
The expiry date of the Warrants is 18 August 2021 and Red Rock
has irrevocably confirmed it will exercise the Warrants on 17
August 2021 and pay GBP200,000 exercise monies to the Company.
The irrevocable undertaking to exercise the Warrants has been
given by Red Rock to mitigate the possibility of Andrew Bell being
in possession of price sensitive information prior to the expiry
date of the Warrants and Red Rock being unable to exercise the
Warrants as a result.
Further relevant disclosures will be made on or around 17 August
2021.
Certain information contained in this announcement would have
been deemed 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 (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 and base 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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END
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