#POW Power Metal Resources – Listing of First Class Metals 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 First Class Metals PLC (LON:FCM)(“First Class”) confirming their First Day of Dealings with an admission to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules). This announcement may be viewed through the following link:

https://www.londonstockexchange.com/news-article/FCM/first-class-metals-plc-initial-admission/15561714?showDisclaimer=true

Power Metal and 100% owned subsidiary Power Metal Resources Canada Ltd hold a combined 28.19% interest in First Class which at the IPO price of 10p per First Class ordinary share of 0.1p each (“First Class Share”) is valued at £1,851,610 and which is held as follows:

The total shareholding above is subject to a 12-month lock in agreement prohibiting the sale of First Class Shares, with a follow on further 12-month orderly market arrangement.

In addition to the shareholdings above, Power Metal holds 517,705 warrants to subscribe for a further 517,705 shares at an exercise price of 10p per First Class Share and with a life to expiry of 12 months from today’s date. 

Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:

“Our congratulations to the First Class Metals team for their work and commitment to secure this listing.  In our view, First Class has a highly prospective project portfolio centred within the prolific Schreiber-Hemlo belt of Ontario, Canada, and offers investors an exciting new investment proposition. 

Moreover, with active exploration on the ground underway, including First Class Metal’s joint-venture (JV) partner Palladium One (TSX-V:PDM) drilling at the Pickle Lake JV property, we anticipate active news flow from ground operations.

Today’s listing is a notable event for Power Metal, where a previous project investment has now become a significant balance sheet asset. We will be watching the progress of First Class with a keen interest.

Moreover, final preparations continue for the planned listing of Golden Metal Resources plc, another North American investment opportunity centred on Nevada, USA, and where Power Metal currently holds an 83.13% interest.  I look forward to providing further updates in respect of Golden Metal in the near term.”

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: