TIDMPOW
RNS Number : 9634G
Power Metal Resources PLC
18 November 2022
18 November 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Investee Update - Kavango Resources PLC
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio notes the announcement released today
by Kavango Resources PLC ("Kavango"), confirming the publication of
its Prospectus. The announcement may be viewed through the link
below:
https://www.londonstockexchange.com/news-article/KAV/publication-of-prospectus/15722375
The publication of the Kavango Prospectus enables the issue to
Power Metal of various consideration items following the disposal
of Power Metal's holding in the Kanye Resources joint venture in
Botswana, to Kavango. This was announced on 8 July 2022 by Power
Metal and that announcement may be viewed through the link
below:
https://www.londonstockexchange.com/news-article/POW/conditional-disposal-of-kanye-resources-interests/15532470
The detailed consideration items to be issued to Power Metal and
terms related thereto are outlined in the 8 July 2022 announcement
above (the "Consideration").
This Consideration includes the issue to Power Metal of
60,000,000 Kavango new ordinary shares.
Following the expected admission of the Kavango shares on 25
November 2022 ("Admission"), and taken together with Power Metal's
existing holding, the Company will hold 69,500,000 shares equating
to 9.85% of Kavango's issued share capital (market value of
GBP1.25million at the Kavango mid-price at market close 17 November
2022).
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented:
"My congratulations to the Kavango team for the successful
publication of their Prospectus. Kavango now has 100% control of an
extensive ground footprint in Botswana and will be financed to
advance at some pace with potentially high-impact exploration. We
wish them well and will be watching developments closely.
Power Metal now moves to become a strategic investor in Kavango
with an 9.85% holding on Admission next week, carrying a value of
some GBP1.25m at yesterday's closing market mid-price.
The significant Kavango holding will sit alongside our 27.91%
holding in First Class Metals PLC valued at GBP2.78m at yesterday's
closing market mid-price and the two investments together a market
value of GBP4.03m combined.
This in our view is just the start and our objective is to
continue to build the Power Metal balance sheet through corporate
transactions underpinning the financial value of the Company whilst
our exploration activities continue at some pace across our
extensive global portfolio."
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. during fieldwork.
Preliminary planning
for work in Spring/Summer
2023 is ongoing.
--------- -------- --------------------------- ------------------------
Molopo Botswana 87.71% First 2 holes at Drill programme
Farms T1-6 conductor target updates and findings
drilling complete. from further MLEM
T1-14 first hole survey work.
underway. Further
MLEM surveys planned
over additional AEM
targets identified.
--------- -------- --------------------------- ------------------------
Tati Botswana 100% RC drilling and sampling Mine dumps processing
Project of mine dumps complete. and project commercial
and exploration
next steps.
--------- -------- --------------------------- ------------------------
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 - www.firstclassmetalsplc.com
Metals PLC POW 27.91%
Exploration
in the Schreiber-Hemlo
region of Ontario,
Canada
------------------------ ------------------------------------------------------------------
Kavango Investment - www.kavangoresources.com
Resources POW 9.85% (on
PLC expected Admission
25.11.22)
Exploration
in Botswana
------------------------ ------------------------------------------------------------------
First Development Planned IPO www.firstdevelopmentresources.com
Resources - POW 62.12%
PLC Exploration
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
------------------------ ------------------------------------------------------------------
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
Goldfields of in respect of NBGC can be found at:
Australia https://www.powermetalresources.com/project/victoria-goldfields/
.
------------------------ ------------------------------------------------------------------
Uranium Planned IPO www.uraniumenergyexploration.com
Energy Exploration - POW on listing
PLC estimated 50-55%
Uranium exploration
in the Athabasca
region of Canada
------------------------ ------------------------------------------------------------------
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END
UPDUWUNRUSUAAAA
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