Power Metal #POW – Insider Non-executive Director Options Extension

Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an insider Non-executive Director options update.

Insider Option Update

Scott Richardson Brown (POW Chairman) and Ed Shaw (POW Non-executive Director) (together the “Directors”) previously received 5,000,000 options each to acquire new ordinary shares in the Company of 0.1p at an exercise price of 1.0p (“Director Options”).  The Director Options had an original expiry date of 19 February 2023 (“Exercise Date”). 

The Directors were unable to exercise the Director Options for an extended period of time and an exercise of the Director Options is precluded at this time due to a close period in respect of the planned release of the Company’s Financial Accounts for the year ended 30 September 2022 and due to information held in respect of various corporate and exploration work programmes which includes but is not limited to:

§ Exploration data and interpretation in respect of the:

–  completed drill programme at the Molopo Farms Complex in Botswana,

–  ongoing exploration at the Tati Gold Project in Botswana,

–  ongoing drilling in the Victoria Goldfields;

§ Ongoing activities in respect of planned disposals including spin-out IPOs.

§ Other corporate activities.

Director Option Extension

Recognising the Directors are unable to exercise the Director Options,  the Company has granted a six-month extension to the Director Options to a new Exercise Date of 19 August 2023 (the “Option Extension”).

Related Party Note

The extension of the exercise date for the Director Options held by Scott Richardson Brown, and Ed Shaw as outlined above, have been treated as a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies.

Paul Johnson and Owain Morton, being the independent directors for the purposes of the Option Extension consider, having consulted with the Company’s nominated adviser, SP Angel, that the extension of the expiry date to 19 August 2023 of the Director Options held by Scott Richardson Brown and Ed Shaw, to be fair and reasonable insofar as the Shareholders are concerned.

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: