TIDMPOW
RNS Number : 8040M
Power Metal Resources PLC
16 January 2023
16 January 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
GBP900,000 Equity Financing
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio announces it has completed a placing
and subscription to raise GBP900,000 before expenses (the
"Financing").
HIGHLIGHTS
-- Power Metal has raised GBP900,000 before expenses for the
advancement of priority exploration projects and for general
working capital purposes with the Financing undertaken at the
closing market bid price of 1.4 pence on 13 January 2023 (see below
for detailed Financing terms).
-- The fundraising will be applied to a comprehensive
exploration programme at the Tati gold project and will allow Power
Metal to accelerate preparations for exploration at the Company's
strategic uranium portfolio in the Athabasca Basin region of
Saskatchewan, Canada.
-- At Tati the Company's exploration plans include soil
geochemistry, geophysics, mechanised trenching, reverse circulation
(RC) and diamond drilling. This work will examine near surface gold
mineralisation across a far larger proportion of the 8km
gold-in-soil anomaly which extends through the centre of the Tati
licence footprint and, through planned drilling, test for gold
mineralisation at depth.
-- Power Metal is seeking to undertake exploration programmes at
a number of its Athabasca uranium properties during the upcoming
spring and summer, following snowmelt. The work programmes will be
designed to follow up on high-grade uranium rock sample results
achieved by the Company during the 2022 campaigns, as well as
inaugural work programmes at other properties in the portfolio
which have not been worked by Power Metal to date.
-- Diamond drilling has recommenced at the Molopo Farms Complex
project in Botswana after the Christmas break and specifically at
drillhole DDH2-3A into target area T2-3A. In addition, at the
Company's Victoria Goldfields joint venture a diamond drill
programme is underway targeting extensions of the former high-grade
working Berringa gold mine.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc, commented:
"Power Metal continues to drive its exploration portfolio, with
drilling underway currently and with additional programmes now to
be launched in the near term at the Tati gold project in Botswana
and expedited exploration at the Athabasca Uranium portfolio in
Saskatchewan, Canada.
With multiple exploration work streams underway Power Metal
expects to release further updates to the market over the coming
weeks and months as operational activities advance.
In parallel Power Metal continues to work on the various
corporate initiatives targeting the generation of material value
for the Company and its shareholders.
The recent strong move higher in the price of gold from under
US$1,650 at the start of November 2022, to US$1,920 at the close on
Friday is an important event, with gold acting as a key indicator
for the strength of our sector. I believe the future is bright for
the junior resource sector and the proactive junior resource
explorers within it.
Power Metal has, through relentless teamwork over recent years,
built and advanced our global exploration portfolio and we believe
that work has positioned the Company uniquely well for the near,
medium and long term."
FINANCING FURTHER INFORMATION
-- The Company has raised GBP900,000 before expenses through the
issue of 64,285,714 new ordinary shares of 0.1p each in the Company
(the "Financing Shares") at an issue price of 1.4p per share, the
closing market bid price on 13 January 2023.
-- Each Financing Share has an attaching warrant to subscribe
for one new ordinary share of 0.1p each in the Company ("Ordinary
Share") at an exercise price of 2.0p per share with a 24-month term
from 30 January 2023 ("Financing Warrant") creating 64,285,714
Financing Warrants.
-- Should the Power Metal share price exceed a volume weighted
average share price of 6p for five trading days Power Metal may
issue a written notice to Financing Warrant holders providing ten
trading days to exercise Financing Warrants and twenty trading days
to make payment of exercise monies, or the Financing Warrants may
be cancelled.
-- The Financing was undertaken by the Company's joint broker
First Equity Limited. Power Metal has issued First Equity Limited
with 6,428,571 warrants to subscribe for new Ordinary Shares on the
same terms as the Financing Warrants.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 64,285,714 Financing Shares to
be admitted to trading on AIM which is expected to occur on or
around 30 January 2023 ("Admission"). The Financing 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 1,727,574,806 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.
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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END
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January 16, 2023 02:15 ET (07:15 GMT)
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