Power Metal Resources PLC Amendment of Warrant Terms (0518B)
May 30 2023 - 8:29AM
UK Regulatory
TIDMPOW
RNS Number : 0518B
Power Metal Resources PLC
30 May 2023
30 May 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Amendment of Warrant Terms
Power Metal Resources PLC (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces that, further to the
announcement of 9 May 2023, the Company has today agreed to amend
the terms of the warrants issued pursuant to the placing
("Fundraising Warrants").
Under the amended terms, the expiry date of the Fundraising
Warrants has been extended from 9 May 2028 to 23 May 2028. Further,
under the amended terms if the volume weighted average price
("VWAP") of the Company's ordinary shares on each of 5 consecutive
trading days exceeds GBP0.03 or on any subsequent occasion the 5
day VWAP exceeds GBP0.03, the Company may at any time in the next
10 business days issue an announcement through a Regulatory News
Service to the effect that it is exercising its rights and write to
the warrantholders providing 20 business days' notice requiring
accelerated exercise of the Fundraising Warrants, with payment
required within 20 business days of the acceleration announcement
date. To the extent that Fundraising Warrants are not exercised, or
payment of the subscription price is not received, within 20
business days of the acceleration announcement date, the
Fundraising Warrants will lapse.
There are no further changes to the terms of the Fundraising
Warrants or the placing.
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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