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Power Metal Resources #POW – Golden Metal Resources Plc Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement made by Golden Metal Resources Plc, (“Golden Metal”) a company in which Power Metal Resources has a 62 per cent shareholding, which is reproduced in full below and can be found on the Golden Metal website accessible via the following link: https://www.goldenmetalresources.com/
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Alan Green covers Drumz #DRUM & Power Metal Resources #POW on this week’s Stockbox Research Talks
Alan Green covers Drumz #DRUM & Power Metal Resources #POW on this week’s Stockbox Research Talks
Power Metal Resources #POW – Holding(s) in Company
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attachedii: |
Power Metal Resources plc |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an “X”) |
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An acquisition or disposal of voting rights |
X |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
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Other (please specify)iii: |
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3. Details of person subject to the notification obligationiv |
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Name |
Term Oil Inc. |
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City and country of registered office (if applicable) |
Anacortes, Washington, United States of America |
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4. Full name of shareholder(s) (if different from 3.)v |
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Name |
RIBO Trust |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reachedvi: |
23/05/2023 |
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6. Date on which issuer notified (DD/MM/YYYY): |
24/05/2023 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights of issuervii |
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Resulting situation on the date on which threshold was crossed or reached |
4.51% |
4.51% |
2,064,671,913 |
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Position of previous notification (if applicable) |
n/a |
n/a |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reachedviii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rightsix |
% of voting rights |
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Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
Direct (Art 9 of Directive 2004/109/EC) (DTR5.1) |
Indirect (Art 10 of Directive 2004/109/EC) (DTR5.2.1) |
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GB00BYWJZ743 Ordinary Shares |
93,047,059 |
4.51% |
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SUBTOTAL 8. A |
93,047,059 |
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B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b)) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash settlementxii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an “X”) |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii |
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Full chain of controlled undertakings through which the voting rights and/or the |
X |
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Namexv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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Arthur Richards Rule IV |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional informationxvi |
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Place of completion |
Anacortes, WA |
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Date of completion |
29/05/2023 |
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Power Metal Resources #POW – Amendment of Warrant Terms
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that, further to the announcement of 9 May 2023, the Company has today agreed to amend the terms of the warrants issued pursuant to the placing (“Fundraising Warrants”).
Under the amended terms, the expiry date of the Fundraising Warrants has been extended from 9 May 2028 to 23 May 2028. Further, under the amended terms if the volume weighted average price (“VWAP”) of the Company’s ordinary shares on each of 5 consecutive trading days exceeds £0.03 or on any subsequent occasion the 5 day VWAP exceeds £0.03, the Company may at any time in the next 10 business days issue an announcement through a Regulatory News Service to the effect that it is exercising its rights and write to the warrantholders providing 20 business days’ notice requiring accelerated exercise of the Fundraising Warrants, with payment required within 20 business days of the acceleration announcement date. To the extent that Fundraising Warrants are not exercised, or payment of the subscription price is not received, within 20 business days of the acceleration announcement date, the Fundraising Warrants will lapse.
There are no further changes to the terms of the Fundraising Warrants or the placing.
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:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 14 8341 3500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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Power Metal Resources #POW – Tati Gold Project, Botswana – Exploration Update
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an exploration update from its 100% owned Tati Gold Project (“Tati” or the “Project”) located on the Tati Greenstone Belt (“TGB”) near Francistown, Botswana. The 2023 exploration programme including geophysics, trenching, soil sampling as well as reverse circulation (“RC”) and/or diamond drilling was launched on 26 January 2023 and the announcement providing further information may be viewed through the following link:
Highlights
– Ground geophysics and trenching have been completed with available results presented herein. A longer than usual rainy season led to the delay in the commencement of the planned infill soil geochemical sampling programme. However drier conditions have now persisted long enough for the Company to launch this next phase of work, which is expected to commence shortly.
– Detailed geological mapping of the recently completed trenches has confirmed the geological setting in the Cherished Hope Mine area which is highlighted by gold mineralisation which is concentrated within quartz reefs (massive veins, veinlets and silicified zones) hosted within predominantly diorite units.
– Analysis of ground magnetic geophysics results have highlighted the location of multiple post-mineralisation dolerite dykes which are known to persist throughout much of the TGB. Understanding the precise location of these dykes is paramount as exploration continues to progress at Tati.
– Following completion of the upcoming infill soil sampling programme – as well as the receipt of the soil assay results – next exploration steps, including planned reverse circulation and/or diamond drilling, will be finalised and communicated to the market.
Sean Wade, Chief Executive Officer of Power Metal Resources plc commented:
“I know shareholders have been keen to hear an update on Tati, and we are very pleased to be able to deliver that. We have made significant progress on this important project and we have further built our technical knowledge of the gold potential across the 8km gold-in-soil-anomaly. After the rainy season we now move into the next stage including the high-resolution infill soil sampling and, subject to review and interpretation of all results, exploration drilling. Economic processing of the tailings also remains a priority and we are actively exploring our options in that regard.
This work is being conducted in parallel with extensive other corporate and exploration activities across the Power Metal group and we anticipate regular news flow in the weeks and months ahead. Activity levels across the Company are able to accelerate, with the recently announced £2.7m financing providing considerable working capital to pursue our ambitious corporate growth objectives.”
FURTHER INFORMATION
Figure 1 – Tati Project Overview Plan Map:
Figure 2 – Tati Project Zoomed Trenching Plan Map:
EXPLORATION PROGRAMME OVERVIEW
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Exploration Work |
Latest Update |
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TRENCHING – COMPLETE A total of 431 metres of mechanised trenching has been successfully completed. Trenching was focussed along both the northwest and southeast strike-length extensions of the known outcropping gold mineralised quartz reef structures at Cherished Hope Mine. A total of 8 trenches were completed of which 3 targeted the northwestern strike-length extension and 5 targeted the southeastern strike-length extension. Trench samples, comprising 1m long composites taken along the side of the trench, were then sampled for gold (30g Fire Assay) at the ALS Laboratory in Johannesburg, South Africa. Detailed geological and structural mapping of the trenches was also completed.
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Further breakdown of trenching results are found in ‘Notable Trenching Results Section’. Northwest Extension (Trench 3, 4, 7): Overburden was determined to be between 0-1.5 meters in thickness and composed predominantly of a brown clay-rich unit overlaying a poorly sorted quartz pebble unit. The bedrock is dominated by a quartz rich diorite. Only one post-mineralisation dolerite dyke was identified within the northwestern trenches. Multiple silicified and quartz rich zones were successfully identified in the northwestern trenches. Several of these quartz-rich intervals returned elevated gold results including: seven 1m intervals in Trench 3 which returned >0.2g/t Au (up to 1.9g/t Au). Southeastern Extension (Trench 1, 2, 5, 6, 8): Overburden was determined to be between 0-3 meters in thickness and composed predominantly of a brown clay-rich unit overlaying a poorly sorted quartz pebble unit. The bedrock is dominated by a quartz rich diorite. Four post-mineralisation dolerite dykes were identified which crosscut the diorites at various locales. Multiple silicified and quartz rich zones were successfully identified including in Trench 8 where they were determined to be the most abundant (furthest southwest trench). Several of these quartz-rich intervals returned elevated gold results including: Two 1m intervals in Trench 1 returning >0.2g/t Au and two 1m intervals in Trench 5 returning >0.2g/t Au. In general, the southeastern strike-length extension of Cherished Hope is highly affected by the presence of post-mineralisation dolerite dykes. Ground magnetic geophysics results highlight that beyond the southeastern extent of the furthest southwest trench (8), there appears to be no further dolerite dykes present for some considerable distance. Notably, the quartz rubble horizon was sampled in Trench 1 which returned much stronger gold results than in any of the trench bedrock samples (17 2m samples were sent for analysis with 7 returning >0.2g/t Au as well as 3 returning >1g/t Au (up to 2.32g/t Au)). |
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GEOPHYSICS – COMPLETE A ground magnetometer geophysical survey was completed over the northwestern and southeastern strike length extensions of the Cherished Hope Mine.
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Post-mineralisation dolerite dyke swarms are found throughout much of the TGB. As a result, within many of the historical and currently operating gold mines in the TGB, mapping the precise location of these dykes (magnetic highs) is important as they often can cross-cut gold mineralisation. The 2023 ground magnetic results have successfully mapped the location and orientation of approximately six of these dolerite dykes within the survey area, including four which are proximal and/or within the Cherished Hope (“CH”) Mine area. The successful mapping of these dykes will allow for more precise and accurate drill hole siting should drilling be undertaken going forward within CH and the surrounding areas. |
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SOIL GEOCHEMISTRY – STARTING SHORTLY The planned high-resolution infill soil geochemical sampling programme is focussed on approximately 2km of strike-length along the approximately 8km long broad Au-in-soil anomaly identified at Tati. Soil samples will be collected along a grid which will be focussed to the northwest and southeast of the 2022 RC drilling area.
The high-resolution in-fill grids will focus on areas where at least two historical anomalies were identified within widely spaced soil sampling lines (on average 400m spaced lines and up to 700m line spacing). These two-point anomalies returned an impressive 2.15g/t Au and 0.84g/t Au. To date these anomalies have never been further investigated to determine the provenance of this gold mineralisation.
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Historical soil sampling completed over the majority of the Tati Project was undertaken by previous operators along generally 400m spaced lines at 40m sample spacing. This programme intends to infill the line spacing to between 100-200m by 40m so that the definition and location of already proven Au-in-soil anomalies is vastly improved. This work will then allow Power Metal to follow up with more focussed next exploration steps which could include further trenching and drilling of these new areas. By completing this work, a much larger percentage of the 8km long Au-in-soil anomaly can move to next exploration steps therefore increasing the overall attractiveness of the Project as well as the overall size of the mineralised footprint.
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REVERSE CIRCULATION (“RC”) DRILLING(1) The RC drilling will be driven by the results of prior work streams including the soil sampling. Further updates in regard to this will be announced in due course.
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RC drilling may be undertaken to test for the along strike and down dip extension of gold mineralisation intersected by trenching of the soil anomalies. In the Cherished Hope Mine area the goal is to demonstrate continuity in the major quartz reef structure width and gold grade as well as testing the currently open down-dip extension potential at depth. |
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DIAMOND CORE DRILLING(2) Diamond core drilling specifics will be dependent on results from prior work streams including soil sampling, trenching and RC drilling. Further updates in regard to this will be announced in due course.
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Diamond core drilling may be completed in order to drill test select portions of the Cherished Hope quartz reef structures. Diamond drilling provides full core rock samples, and therefore valuable information about structure, geology, and the nature of gold mineralisation. The information extracted from diamond drilling would allow the Company to gain a better understanding of the mineralised quartz reefs and surrounding wall rocks. |
Notable Trenching Results
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Trench ID |
Trench Length (m) |
From (m)* |
To (m)* |
Interval (m)* |
Grade (g/t) |
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Trench 1 |
31 |
23 |
25 |
2 |
0.32 |
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Trench 1 (rubble) |
32 |
0 |
2 |
2 |
0.33 |
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6 |
12 |
6 |
1.35 |
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18 |
20 |
2 |
0.45 |
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22 |
26 |
4 |
0.85 |
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Trench 3 |
52 |
31 |
32 |
1 |
0.43 |
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37 |
38 |
1 |
0.25 |
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44 |
49 |
5 |
0.74 |
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Trench 5 |
54 |
6 |
8 |
2 |
0.38 |
*Refers to lengthwise along trench (as opposed to depth).
KEY:
(1) RC drilling involves a “hammer” piston which repeatedly strikes the target rock. Simultaneously, a powerful drill-bit at the end made of tungsten rotates at high speed. This creates small chips of rock known as drill cuttings that are sucked up with a vacuum and transported to a cyclone at the surface through dedicated tubes. The drilling chips derived from each depth interval are collected in separate sample bags, and a representative sub-sample of each interval is submitted to the assay lab where the geochemical constituents and gold grade is analysed. In turn, the drill chips provide a representation of the rock types the hole encountered throughout its length, this data allows a geological log to be established.
(2) Diamond core drilling involves rotating a hollow drill bit embedded with diamonds into the ground to a certain depth before extracting the solid, intact core recovered for analysis.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
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:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#POW Power Metal Resources PLC – Former Director Exercise of Warrants
Power Metal Resources PLC
(“Power Metal” or the “Company”)
Former Director Exercise of Warrants
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.
Warrant Exercise
The Company has received a notice to exercise warrants from former director Paul Johnson over 6,250,000 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”) at an exercise price of 0.7p per Warrant Share and raising an additional £43,750 for the Company.
As a result of this exercise Paul Johnson and Michelle Johnson will hold 82,250,000 Power Metal shares equating to 3.98% of issued share capital.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 6,250,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 26 May 2023 (“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 2,064,671,913 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:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
#POW Power Metal Resources PLC – Investee Update – #GMET Golden Metal Resources PLC
Power Metal Resources PLC (“Power Metal” or the “Company”) Investee Update – Golden Metal Resources PLC
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today by Golden Metal Resources PLC (LON:GMET)(“Golden Metal”) confirming significant copper systems identified at Golden Metal’s Garfield Project in Nevada USA.
An extract of Highlights from the announcement is provided in italics below:
Highlights:
– Discovery of two significant copper (Cu) zones which are now named the “Power Line Zone” (or “Power Line”) and “High-Grade Zone” (or “High-Grade”; collectively the “Zones”) which returned individual Cu-in-soil results of up to 851ppm and 950ppm Cu.
– Importantly, the newly discovered Zones are coincident with historical rock sampling results which returned up to 2.6% Cu at Power Line and 5.53% Cu at High-Grade, highlighting the significance of these newly defined copper mineralised systems at Garfield.
This announcement may be viewed through the following link:
Power Metal Holding in Golden Metal
Golden Metal completed a listing on the AIM market of the London Stock Exchange on 10 May 2023.
Power Metal holds 52,248,756 ordinary shares in Golden Metal (“Golden Metal Shares”)representing a 62.06% interest in the ordinary share capital of Golden Metal which, based on the closing market mid-price of Golden Metal on 19 May 2023, was valued at £4,049,279.
The total shareholding above is subject to a 12-month lock-in agreement prohibiting the sale of Golden Metal Shares until 10 May 2024, with a follow on further 12-month orderly market arrangement thereafter until 10 May 2025.
In addition to the shareholdings above, Power Metal holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 10.75p per share and an expiry date of 10 May 2024. Power Metal also holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 17.5p per share and an expiry date of 10 May 2025.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Alan Green covers Premier African Minerals #PREM & Golden Metal Resources #GMET on this week’s Stockbox Research Talks
Alan Green covers Premier African Minerals #PREM & Golden Metal Resources #GMET on this week’s Stockbox Research Talks
#POW Power Metal Resources PLC – Listing of Golden Metal Resources PLC
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today by Golden Metal Resources PLC (LON:GMET)(“Golden Metal”) of admission today of its entire issued ordinary share capital to trading on AIM, a market operated by the London Stock Exchange plc. This announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/GMET/first-day-of-dealings/15949375
Further information in respect of Golden Metal is available through the following website link: https://www.goldenmetalresources.com/
Power Metal holds 52,248,756 Golden Metal ordinary shares of 1p each (“Golden Metal Shares”) representing a 62.06% interest in Golden Metal, which at the IPO price of 8.5p per share is valued at £4,441,144 on admission.
Power Metal’s shareholding above is subject to a 12-month lock in agreement from today’s date prohibiting the sale of Golden Metal Shares, with a follow on further 12-month orderly market arrangement thereafter.
In addition to the shareholding above, Power Metal holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 10.75p per share and with a life to expiry of 12 months from today’s date. Power Metal also holds 1,749,378 warrants to subscribe for a further 1,749,378 Golden Metal Shares at an exercise price of 17.5p per share and with a life to expiry of 24 months from today’s date.
Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:
“We welcome today’s listing of Golden Metal focused on exploration and development of its resource projects interests in Nevada, USA.
I would like to thank the Golden Metal team and advisers for their hard work and dedication to deliver this important listing and look forward to Golden Metal driving their business forward, with proactive exploration programmes and news flow.
The value of Power Metal’s investments in Golden Metal (on IPO), Kavango Resources PLC (LON:KAV) and First Class Metals PLC (LON:FCM) amounts to £7.7 million in aggregate, comprising over half of Power Metal’s market capitalisation at market close on 9 May 2023. Further updates are planned across the Company’s remaining eight projects, including targeted listings, disposals or joint ventures.”
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:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 14 8341 3500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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Power Metal Resources #POW – Placing of £2.71 million with Term Oil, a Company Controlled by Rick Rule
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 (the “Placing”) to raise gross proceeds for the Company of approximately £2.715 million through the conditional issue of 319,388,235 new ordinary shares of 0.1 pence each in the Company (“Placing Shares”) at a price of 0.85 pence per Placing Share (the “Placing Price”).
Each Placing Share has an attaching warrant to subscribe for one new ordinary share of 0.1 pence each in the Company (“Ordinary Shares”) at an exercise price of 2 pence with a 5-year term expiring 9 May 2028 (“Fundraising Warrants”).
As part of the Placing, the Company is pleased to announce that it has entered into a Subscription Agreement with Term Oil Inc., a company controlled by Rick Rule (“Term Oil”), pursuant to which Term Oil will participate in the Placing up to an amount of £1 million and not less than £0.5 million (“Subscription Agreement”).
The net proceeds of the Placing will be used to further the Company’s exploration activities and for general working capital purposes.
Sean Wade, Chief Executive Officer of Power Metal Resources plc, commented:
“I am very pleased to be able to announce this capital raise and to reassure shareholders that we are now in a sustainable position to advance our exploration activities, most particularly in respect to our uranium portfolio. Moreover, I am delighted to welcome Rick Rule’s Term Oil vehicle to the register and the new shareholders who are joining us with his endorsement. This is not only a strong validation of our business model but also puts us on a sound footing to continue to deliver our goal of unlocking the significant inherent value in our portfolio.”
FURTHER FUNDRAISING INFORMATION
§ The Company has raised £2.715 million before expenses through the issue of 319,388,235 Placing Shares at the Placing Price of 0.85 pence per Placing Share.
§ Each Placing Share has attached one Fundraising Warrant to subscribe for one new Ordinary Share at an exercise price of 2 pence with a 5-year term expiring 9 May 2028.
§ Should the Power Metal share price exceed a daily volume weighted average share price of 3 pence for five consecutive trading days, Power Metal may issue a written notice to Fundraising Warrant holders to exercise Placing Warrants within 20 trading days, or the Fundraising Warrants will be cancelled.
§ Sean Wade, the Chief Executive Officer of the Company, has committed to subscribe for 11,764,705 Placing Shares.
§ The Placing was undertaken by the Company’s joint broker First Equity Limited.
§ The Placing was completed to accredited investors (as defined in National Instrument 45-106 Prospectus Exemptions) in all provinces of Canada, to accredited investors (as defined in section 501(a) of Regulation D under the Securities Act of 1933, as amended(the “1933 Act”)) in the United States of America pursuant to an exemption from the registration requirements of Regulation D and, with the consent of the Company, to suitable investors in other eligible foreign jurisdictions (other than Canada and the United States) pursuant to applicable private placement exemptions under applicable securities laws in such jurisdictions if no prospectus, registration statement or similar document is required to be filed in such jurisdiction and the Company does not become subject to continuous disclosure obligations in such jurisdiction.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirement is available.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 319,388,235 Placing Shares to be admitted to trading on AIM which is expected to occur on or around 12 May 2023 (“Admission”). The Placing Shares will rank pari passu in all respects with the existing Ordinary Shares currently traded on AIM.
Following Admission, the Company’s issued share capital will comprise 2,058,421,913 ordinary shares of 0.1 pence 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.
PDMR Disclosure
The notifications below, made in accordance with the requirements of MAR, provide further detail on director’s share dealing.
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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1. Sean Wade
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2
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Reason for the notification
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a)
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Position/status
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1. Chief Executive Officer
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b)
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Initial notification /Amendment
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Initial Notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Power Metal Resources Plc
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b)
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LEI
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213800VNXOUPHTX53686 |
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4
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Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
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Description of the financial instrument, type of instrument |
ordinary shares of 0.1p each |
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Identification code |
ISIN: GB00BYWJZ743 |
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b)
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Nature of the transaction
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1. Issue of Placing Shares 2. Issue of Fundraising Warrants
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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1. 0.85p
2. 2.00p
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11,764,705
11,764,705 |
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d)
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Aggregated information |
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– Aggregated volume |
1. 11,764,705 2. 11,764,705 |
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– Price |
1. 0.85p 2. 2.00p |
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e)
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Date of the transaction
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09/05/2023 |
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f)
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Place of the transaction
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Off market |
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For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 14 8341 3500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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