TIDMPOW
RNS Number : 9387Y
Power Metal Resources PLC
10 May 2023
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
OR DISSEMINATION IN THE UNITED STATES OF AMERICA
10 May 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Listing of Golden Metal Resources PLC
Power Metal 62.06% held Spin-Out IPO Vehicle Golden Metal
Resources PLC Announces Admission to Trading on AIM With Power
Metal's Holding Valued at GBP4.44m
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio notes the announcement today by Golden
Metal Resources PLC (LON:GMET)("Golden Metal") of admission today
of its entire issued ordinary share capital to trading on AIM, a
market operated by the London Stock Exchange plc. This announcement
may be viewed through the following link:
https://www.londonstockexchange.com/news-article/GMET/first-day-of-dealings/15949375
Further information in respect of Golden Metal is available
through the following website link:
https://www.goldenmetalresources.com/
Power Metal holds 52,248,756 Golden Metal ordinary shares of 1p
each ("Golden Metal Shares") representing a 62.06% interest in
Golden Metal, which at the IPO price of 8.5p per share is valued at
GBP4,441,144 on admission.
Power Metal's shareholding above is subject to a 12-month lock
in agreement from today's date prohibiting the sale of Golden Metal
Shares, with a follow on further 12-month orderly market
arrangement thereafter.
In addition to the shareholding above, Power Metal holds
1,749,378 warrants to subscribe for a further 1,749,378 Golden
Metal Shares at an exercise price of 10.75p per share and with a
life to expiry of 12 months from today's date. Power Metal also
holds 1,749,378 warrants to subscribe for a further 1,749,378
Golden Metal Shares at an exercise price of 17.5p per share and
with a life to expiry of 24 months from today's date.
Sean Wade, Chief Executive Officer of Power Metal Resources PLC
commented:
"We welcome today's listing of Golden Metal focused on
exploration and development of its resource projects interests in
Nevada, USA.
I would like to thank the Golden Metal team and advisers for
their hard work and dedication to deliver this important listing
and look forward to Golden Metal driving their business forward,
with proactive exploration programmes and news flow.
The value of Power Metal's investments in Golden Metal (on IPO),
Kavango Resources PLC (LON:KAV) and First Class Metals PLC
(LON:FCM) amounts to GBP7.7 million in aggregate, comprising over
half of Power Metal's market capitalisation at market close on 9
May 2023. Further updates are planned across the Company's
remaining eight projects, including targeted listings, disposals or
joint ventures. "
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
S ean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
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) 14 8341 3500
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.
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END
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