Power Metal Resources PLC Extension of Insider Options (6834L)
17 Maggio 2022 - 8:00AM
UK Regulatory
TIDMPOW
RNS Number : 6834L
Power Metal Resources PLC
17 May 2022
17 May 2022
Power Metal Resources plc ("Power Metal" or the "Company")
Extension of Insider Options
Power Metal Resources plc (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces an extension of insider
options.
On 15 February 2019 Paul Johnson, Chief Executive Officer of the
Company was awarded 13,613,929 options to subscribe for new
ordinary shares of 0.1 pence each in the Company at an exercise
price of 1.0p ("Director Options"). The Director Options had an
original expiry date of 15 February 2022, which was subsequently
extended to 15 May 2022.
Paul Johnson is unable to exercise the Director Options as a
result of being in a close period due to finalisation of the
Company's interim financial statements for the half year ended 31
March 2022 and due to possession of inside information in relation
to the Company's exploration and corporate work activities.
Under the Director Option agreement clause 3.5 states:
"In the event the Option Holder is in possession of relevant
price sensitive information or is restricted from dealing pursuant
to the provisions of the Market Abuse Regulations or by any other
share dealing code, applicable law or regulation and is thereby
precluded from exercising the Options or any part thereof
immediately prior to the Final Exercise Date, then the Final
Exercise Date shall be deemed to be extended until the date which
falls 10 business days after the later of the date on which the
Option Holder ceases to be an insider or the date on which the
close period or other prohibited period ends or is otherwise no
longer prohibited."
The Director Options will be automatically extended under clause
3.5 as outlined above.
Recognising the Company's level of operational activity and
anticipated news flow it is considered unlikely that the Director
Options will be freely exercisable for some time and therefore the
Company has agreed that the Director Options may be exercised up to
31 December 2022. All other terms of the Director Options remain
unchanged.
Related Party Note
The extension of the Director Options held by Paul Johnson as
outlined above, has been treated as a related party transaction
pursuant to AIM Rule 13 of the AIM Rules for Companies.
Scott Richardson Brown and Edmund Shaw, being the independent
Directors for the purposes of the extension of the expiry date of
the Director Options held by Paul Johnson consider, having
consulted with the Company's nominated adviser, SP Angel, that the
extension of the expiry date to 31 December 2022 of the Director
Options held by Paul Johnson to be fair and reasonable insofar as
the Shareholders are concerned.
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.
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 Field and assay results
Project to multiple test from on-site work programme.
75% pits and mapping
& sampling.
---------- -------- ----------------------- ----------------------------------
Athabasca Canada 100% Data compilation Interpretation results
Uranium across uranium from all Properties complete.
properties Next steps upcoming.
---------- -------- ----------------------- ----------------------------------
Authier Canada Earn-in Soil & rock sampling Technical Review of exploration
North Lithium to completed results & define next
100% exploration steps.
---------- -------- ----------------------- ----------------------------------
Ditau Project Botswana 50% Drill programme Field updates and receipt
focused on key & review of laboratory
targets notably assay results.
drilling of potential
carbonatites and
targeting rare-earth
elements.
---------- -------- ----------------------- ----------------------------------
Kalahari Botswana 50% Exploration programme Field programme findings
Copper underway across and defined drill targets
Belt the South Ghanzi for near term drilling.
Project and further
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- -------- ----------------------- ----------------------------------
Molopo Botswana 53% Review of recent Determine next exploration
Farms exploration findings. steps and action plan.
---------- -------- ----------------------- ----------------------------------
Haneti Tanzania 35% Diamond drill Receipt & review of laboratory
Project programme completed assay results.
---------- -------- ----------------------- ----------------------------------
Victoria Australia 49.9% Diamond drill Field updates and receipt
Goldfields programme underway & review of laboratory
assay results.
---------- -------- ----------------------- ----------------------------------
Paterson Australia 83.33% Wallal passive Findings from multiple
Projects seismic and 2D work programmes including
seismic processing final approvals and preparations
work programme for planned deep diamond
completed. drilling.
Review of historical
data and target
generation for
Ripon Hills &
Braeside West
projects.
---------- -------- ----------------------- ----------------------------------
Selta Project Australia 83.33% Field reconnaissance Finalising data review
work complete, from field programmes.
which included
mapping and sampling.
---------- -------- ----------------------- ----------------------------------
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