Power Metal Resources PLC Exercise of Warrants and Warrant Update (6028K)
September 02 2021 - 12:13PM
UK Regulatory
TIDMPOW
RNS Number : 6028K
Power Metal Resources PLC
02 September 2021
2 September 2021
Power Metal Resources plc ("Power Metal" or the "Company")
Exercise of Warrants and Warrant Update
Power Metal Resources plc (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces it has received a notice to
exercise warrants over 5,000,000 new ordinary shares of 0.1 pence
each in the Company ("Warrant Shares") raising an additional
GBP100,000 for the Company.
The Warrant Shares are being issued pursuant to the exercise of
5,000,000 warrants at an exercise price of 2.0 pence per ordinary
share of 0.1 pence each in the Company ("Ordinary Share").
Issue of Super Warrants
Following the exercise of the above 2.0 pence warrants, Power
Metal will now issue 5,000,000 replacement warrants (the "Super
Warrants") with an exercise price of 5.0 pence per Ordinary share
and exercise period ending 28.9.22.
The Super Warrants are to be issued to Kavango Resources plc
(LON:KAV) pursuant to a specific transaction agreement further
details of which may be viewed in the following announcement:
https://www.londonstockexchange.com/news-article/POW/new-strategic-joint-venture-established-botswana/14691838
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 5,000,000 Warrant Shares to be
admitted to trading on AIM which is expected to occur on or around
9 September 2021 ("Admission"). The Warrant 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 1,245,567,944 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.
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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