Power Metal Resources #POW – 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 and warrant update.

Warrant Exercise

The Company has received notices to exercise warrants over 16,000,000 new ordinary shares of 0.1 pence each in the Company (“Warrant Shares”) raising an additional £112,000 for the Company.

The Warrant Shares are being issued pursuant to the exercise of 16,000,000 warrants at an exercise price of 0.7 pence per ordinary share of 0.1 pence each in the Company (“Ordinary Share”).

Warrant Update

The warrants exercised above were issued in December 2019 pursuant to a Power Metal financing (“2019 Warrants”) and had a 17 December 2021 expiry.

Following the exercise of the 2019 Warrants announced today the Company can confirm that, excluding those held by current Power Metal directors, all warrants due for expiry in December 2021 have been exercised in full.

As noted above Power Metal directors hold the remaining 11,250,000 2019 Warrants which remain to be exercised, subject to the Company dealing code. This includes 6,250,000 2019 Warrants held by Paul Johnson (Chief Executive Officer) and 5,000,000 2019 Warrants held by Ed Shaw (Non-executive Director).

Application will be made for the 16,000,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 21 December 2021 (“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 1,441,839,987 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: