TIDMPOW
RNS Number : 3398P
Power Metal Resources PLC
17 June 2022
17 June 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
Insider Warrant Extension
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 the
December 2019 financing warrants held by Paul Johnson and Edmund
Shaw, Directors of the Company (the "Insider Warrants").
Extension of Insider Warrants
As at 17 June 2022 the following Insider Warrants remained
outstanding:
Warrant Holder Number of Warrants Exercise Price
Paul Johnson 6,250,000 0.7p
------------------- ---------------
Ed Shaw 5,000,000 0.7p
------------------- ---------------
The Insider warrants were issued following participation in the
December 2019 financing and had an original expiry date of 17
December 2021 which was extended by 3 months to 17 March 2022, then
a further 3 months to 17 June 2022 as announced on 17 March
2022.
The Company is undertaking numerous exploration programmes and
corporate activities across its portfolio where current and near
term expected work streams include:
North America:
- Preparatory work for the planned near-term London listing of
Golden Metal Resources PLC focused on Nevada, USA
- Receipt and review of exploration findings relating to the
Alamo gold project in Arizona, USA
- Finalisation of next stage exploration work in respect of the
Authier lithium project in Quebec, Canada
- Finalisation of next stage exploration and specific corporate
activities related thereto for the Athabasca Basin uranium
interests, Saskatchewan, Canada
- Next stage plans in respect of the Silver Peak project in British Columbia, Canada
Africa:
- Diamond drill programme underway at the Ditau Camp Project JV in southwest Botswana
- Field work to delineate drill targets in the Kalahari Copper Belt JV interests in Botswana
- Corporate work and next stage exploration planning in respect
of the Molopo Farms Project in southwest Botswana
- Finalisation of next stage plans for the Tati greenstone gold project in Botswana
- Interpretation of diamond drill results and next steps for the
Haneti Project in Tanzania, including development of lithium
opportunities
Australia:
- Preparatory work for the planned near-term London listing of
First Development Resources PLC focused on Western Australia and
Northern Territory exploration interests
- Further desktop, field and drill results from the New Ballarat
Gold Corporation Victoria goldfields JV, following recent diamond
drill programme, and matters pertaining to the planning for a
listing of the holding company
As a result, the December 2019 Warrants held by Paul Johnson
(Chief Executive Officer of Power Metal) and Ed Shaw (Non-executive
Director of Power Metal) cannot be exercised on the expiry date of
17 June 2022 and may be extended under the warrant instrument, as
outlined below.
Under the December 2019 Warrant instrument clause 2.3 provides
that should any December 2019 Warrant holder be in the possession
of price sensitive information and be thereby precluded from
exercising warrant subscription rights, the exercise period shall
be extended until 20 business days following the date on which the
Warrant holder ceases to be an insider.
Given the level of ongoing operational activity there is a
material likelihood that the receipt of price sensitive information
could frequently restrict the ability of Paul Johnson and Ed Shaw
to exercise the December 2019 warrants.
Reflecting the above the Company has extended the Insider
Warrants expiry date to a new expiry date of 31 December 2022. No
other changes to the terms of the Insider Warrants have been
made.
Related Party Note
The extension of the Insider Warrants held by Paul Johnson and
Ed Shaw as outlined above, have been treated as related party
transactions for the purposes of AIM Rule 13.
Scott Richardson Brown being the independent Director for the
purposes of the extension of the expiry date of the Insider
Warrants held by Paul Johnson and Ed Shaw considers, having
consulted with the Company's nominated adviser, SP Angel, that the
extension of the warrant expiry date to 31 December 2022 to such
related parties is 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.
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