RNS Number : 6545V

Power Metal Resources PLC

14 December 2021

14 December 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   an exercise of warrants and warrant update. 

Warrant Exercise

The Company has received notices to exercise warrants over 16,000,000 new ordinary shares of 0.1 pence each in the Company ("Warrant Shares") raising an additional GBP112,000 for the Company.

The Warrant Shares are being issued pursuant to the exercise of 16,000,000 warrants at an exercise price of 0.7 pence per ordinary share of 0.1 pence each in the Company ("Ordinary Share").

Warrant Update

The warrants exercised above were issued in December 2019 pursuant to a Power Metal financing ("2019 Warrants") and had a 17 December 2021 expiry.

Following the exercise of the 2019 Warrants announced today the Company can confirm that, excluding those held by current Power Metal directors, all warrants due for expiry in December 2021 have been exercised in full.

As noted above Power Metal directors hold the remaining 11,250,000 2019 Warrants which remain to be exercised, subject to the Company dealing code. This includes 6,250,000 2019 Warrants held by Paul Johnson (Chief Executive Officer) and 5,000,000 2019 Warrants held by Ed Shaw (Non-executive Director).


Application will be made for the 16,000,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 21 December 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 1,441,839,987 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 


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.

Power Metal Exploration Programmes Underway/Results Awaited

Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:

       Project         Location     POW %          Work Completed             Results Awaited 
                                                     or Underway 
 Alamo Gold               USA      Earn-in    Excavation of multiple      Field results from 
  Project                           to 75%     test pits and mapping       on-site work programme. 
                                               & sampling. 
                      ----------  ---------  --------------------------  ------------------------- 
 Athabasca              Canada       100%     Phase I field exploration   Laboratory assay 
  Uranium                                      completed                   results of samples 
                                                                           collected for uranium 
                                                                           and REEs 
                      ----------  ---------  --------------------------  ------------------------- 
 Authier North          Canada     Earn-in    Soil & rock sampling        Laboratory assay 
  Lithium                           to 100%    completed                   results of samples 
                      ----------  ---------  --------------------------  ------------------------- 
 Ditau Project         Botswana      50%      Preparatory exploration     Field programme 
                                               work underway on            findings and defined 
                                               target I10 leading          drill targets for 
                                               to planned accelerated      near term drilling. 
                                               drilling targeting 
                                               rare-earth elements 
                                               and base metals 
                      ----------  ---------  --------------------------  ------------------------- 
 Kalahari Copper       Botswana      50%      Exploration programme       Field programme 
  Belt                                         underway across             findings and defined 
                                               the South Ghanzi            drill targets for 
                                               Project and further         near term drilling 
                                               exploration at 
                                               the more recently 
                                               acquired South 
                                               Ghanzi Extension 
                                               and Mamuno licence 
                      ----------  ---------  --------------------------  ------------------------- 
 Molopo Farms          Botswana      53%      Kavango Option              Results from various 
                                               to acquire an interest      work activities 
                                               in local project            underway as part 
                                               holding company.            of the Kavango 
                                               Option fee payable          Option 
                                               through defined 
                                               work programme 
                      ----------  ---------  --------------------------  ------------------------- 
 Tati Gold/Nickel      Botswana      100%     Reverse circulation         Laboratory assay 
                                               drill programme             results awaited 
                      ----------  ---------  --------------------------  ------------------------- 
 Victoria Goldfields   Australia    49.9%     Ongoing exploration         Results from field 
                                               across 1,012km(2)           programme including 
                                               of granted exploration      drill targets for 
                                               licences                    near term drilling 
                      ----------  ---------  --------------------------  ------------------------- 
 Wallal Gold/Copper    Australia    83.33%    Passive seismic             Results awaited 
  Project                                      and 2D seismic 
                                               processing work 
                                               programme completed 
                      ----------  ---------  --------------------------  ------------------------- 

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(END) Dow Jones Newswires

December 14, 2021 12:42 ET (17:42 GMT)

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