Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the appointment of Owain Morton as a Non-executive Director of the Company with immediate effect.
Mr Morton, based in the UK, is an Associate Partner – Mining & Metals SME with IBM providing multi-sector business services and technology consulting.
His previous roles have included: Technology & Innovation Manager for Glencore Global; Technical Strategy and Risk Management & Operations Excellence Manager for ArcelorMittal Mining and Principal Engineer for Barrick Gold Saudi Arabia.
Mr Morton holds a Bachelor of Engineering Honours degree in Mineral Surveying & Resource Management and a Master of Science degree in Mining Engineering, both from the University of Exeter/Cambourne School of Mines.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“I would like to welcome Owain to the Power Metal team and very much look forward to working with him as we seek to continue the advancement of our business.
We have been focused on strengthening the Power Metal Board with enhanced geological and technical skillsets able to guide future development of the Company from the acquisitive recent years into more advanced exploration and corporate value crystallisation.
Owain’s extensive experience and input will be of great benefit to the Company at what is a key and critical point in our development.
Power Metal is the embodiment of its people, their ideas and their work. We have a unique and talented team and I am particularly pleased with what we have achieved to date and very much focused on the delivery of distinct, material and realisable value for shareholders.”
Regulatory Disclosures:
The following information is disclosed pursuant to Rule 17 and Schedule Two paragraph (g) of the AIM Rules for Companies in relation to Owain David Morton, aged 41:
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Current directorships and/or partnerships: |
Former directorships and/or partnerships (within the last five years):
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IOLA & EFFI LTD IOLA & EFFI GMBH |
NONE |
Mr Morton does not hold any shares in Power Metal.
Mr Morton has confirmed there is no further information to be disclosed pursuant to paragraph (g) of Schedule 2 of the AIM rules.
As part of Mr Morton’s employment contract Mr Morton has been issued with Power Metal share options, namely, 5 million options to subscribe for new Power Metal ordinary shares of 0.1p each at an exercise price of 3.25 pence with a life to expiry of 3 years from today (the “Director Options”). The Director Options are subject to a minimum service period of 6 months and may not be exercised until the volume weighted average price of Power Metal shares trades at 5.0 pence for ten consecutive trading days.
PDMR Disclosure
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the 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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Owain Morton
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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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Non-executive Director
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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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Issue of Options
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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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3.25p
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5,000,000
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d)
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Aggregated information |
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– Aggregated volume |
5,000,000 |
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– Price |
3.25p |
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e)
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Date of the transaction
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10 October 2022 |
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f)
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Place of the transaction
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Off Market |
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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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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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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 |