Power Metal Resources PLC Disposal of Kavango Resources Shares for Cash (4134S)
06 Novembro 2023 - 4:00AM
UK Regulatory
TIDMPOW
RNS Number : 4134S
Power Metal Resources PLC
06 November 2023
6 November 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Disposal of Kavango Resources Shares for Cash
Power Metal Resources PLC (AIM:POW), the AIM listed metals
exploration and development company announces the disposal of its
entire holding of 69,500,000 shares of Kavango Resources plc
("Kavango") at a price of 0.8p per share raising cash of GBP556,000
for the Company.
Power Metal retains 60,000,000 warrants to subscribe for new
Kavango shares with 30,000,000 warrants at an exercise price of
4.25p and 30,000,000 warrants at an exercise price of 5.5p, both
with an expiry date of 8 January 2025.
In addition, Power Metal holds a 1% net smelter return royalty
("NSR") in respect of the project licence footprint in the Kalahari
Copper Belt and Ditau Camp projects previously held in joint
venture with Kavango.
Sean Wade, Chief Executive Officer of Power Metal Resources plc,
commented:
"I am pleased to announce this disposal bringing an additional
GBP556,000 cash into the Company which will be deployed into the
Company's high impact exploration initiatives.
"Whilst we would describe our holding in Kavango as non-core our
disposal does not reflect any negative view of their business or
their ambitions and we wish them well in their endeavours.
"Our priority however is deploying financial resources into
Power Metal core projects whilst also streamlining the diverse
interests of the Company and demonstrating our ability to raise
cash for operations through means other than equity financings
which dilute investor holdings.
"The funds raised will add to our significant existing cash
balances and will be utilised for accelerated exploration,
including drilling of certain high impact retained exploration
projects targeting large-scale metal discoveries. Further
information to follow in respect of specific exploration
programmes."
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
Sean 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) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
BlytheRay (PR Advisors) +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
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.
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
grow the Company, or may be returned to shareholders through share
buy backs, dividends or in-specie distributions of assets.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DISUVOBROBUARAA
(END) Dow Jones Newswires
November 06, 2023 02:00 ET (07:00 GMT)
Power Metal Resources (AQSE:POW.GB)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Power Metal Resources (AQSE:POW.GB)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
