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Power Metal Resources #POW – Issue of Non-executive Director Options
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an issue of Non-executive Director Options (“NED Options”).
The NED Options were originally announced by the Company on 4 June 2021, and this announcement may be viewed through the link below:
The proposed issue of the NED Options was subject to approval of shareholders at the next available General Meeting, which was the Annual General Meeting (“AGM”) held on 30 March 2022.
Following shareholder approval at the AGM, the Company has today issued 5 million NED Options each to Scott Richardson Brown (Interim Non-executive Chairman) and Edmund Shaw (Non-executive Director). In total 10 million NED Options have been issued.
Each NED Option carries the right to acquire a new ordinary share in the Company of 0.1p each. The NED Options carry the following terms:
Exercise Price: 3.25p
Expiry Date: 4 June 2024
Share Price Performance Condition: That the NED Options cannot be exercised until the volume weighted average share price of the Company has exceeded 5p 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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1. Scott Richardson Brown
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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. Non-executive Chairman
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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
|
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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||||
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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 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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||||
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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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1 April 2021 |
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f)
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Place of the transaction
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Off market |
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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. Edmund Shaw
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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 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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|||
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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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||||
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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 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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||||
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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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1 April 2022 |
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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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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
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|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
NOTES TO EDITORS
Power Metal Resources plc – Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company’s growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:
|
Project |
Location |
POW % |
Work Completed or Underway |
Results Awaited |
|
Alamo Gold Project |
USA |
Earn-in to 75% |
Excavation of multiple test pits and mapping & sampling. |
Field and assay results from on-site work programme. |
|
Athabasca Uranium |
Canada |
100% |
Data compilation across uranium properties |
Interpretation results from 2 of 7 properties. |
|
Authier North Lithium |
Canada |
Earn-in to 100% |
Soil & rock sampling completed |
Technical Review of exploration results & define next exploration steps. |
|
Ditau Project |
Botswana |
50% |
Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements. |
Field updates and receipt & review of laboratory assay results. |
|
Kalahari Copper Belt |
Botswana |
50% |
Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas |
Field programme findings and defined drill targets for near term drilling. |
|
Molopo Farms |
Botswana |
53% |
Review of recent exploration findings. |
Determine next exploration steps and action plan. |
|
Haneti Project |
Tanzania |
35% |
Diamond drill programme completed |
Receipt & review of laboratory assay results. |
|
Victoria Goldfields |
Australia |
49.9% |
Diamond drill programme underway
|
Field updates and receipt & review of laboratory assay results. |
|
Paterson Projects |
Australia |
83.33% |
Wallal passive seismic and 2D seismic processing work programme completed. Review of historical data and target generation for Ripon Hills & Braeside West projects.
|
Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling. |
|
Selta Project |
Australia |
83.33% |
Field reconnaissance work now underway, including mapping and sampling. |
Field updates. |
Power Metal Resources #POW Company Option Pool and Proposed Award of Non-executive Director Options
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce the creation of a Company Option Pool for key team members and, subject to shareholder approval, the proposed award of Non-executive Director Options.
Company Option Pool
Power Metal has created a pool of 25 million new options (the “Pool Options”) to acquire new ordinary shares of 0.1p each in the Company (“Ordinary Shares”) at an exercise price of 3.25p per share. The Pool Options have a 3-year life to expiry from today’s date.
The Pool Options are to be awarded to key members of the Company’s operational teams, who are essential to the forward development and growth of the Company in the months and years ahead. To be clear, Power Metal directors will not receive options from this Company Option Pool, which is designed to incentivise other non-board team members.
The Pool Options are subject to a share price performance condition and cannot be exercised until the volume weighted average share price (“VWAP”) of the Company has exceeded 5.0p per Ordinary Share for ten consecutive trading days. All recipients will be subject to performance criteria with regard to the Pool Options including a minimum 6 months’ service from today’s date.
Where possible the Pool Options will be awarded under the Enterprise Management Incentive scheme.
Proposed Award of Non-executive Director Options
In addition to, and separate from the above Company Option Pool, the Company proposes to award options (the “Director Options”) to Non-executive Directors Scott Richardson Brown and Edmund Shaw. The Director Options will be issued immediately following, and subject to, shareholder approval at the next available General Meeting (“GM”) of the Company.
The proposal is for both directors to receive 5 million options each to acquire new Ordinary Shares at an exercise price of 3.25p per share. The Options will vest immediately on conclusion of the above GM subject to shareholder approval and have a 3 year life to expiry from today’s date.
The Director Options are subject to a share price performance condition and cannot be exercised until the volume weighted average share price (“VWAP”) of the Company has exceeded 5.0p per Ordinary Share for ten consecutive trading days. Both directors must also serve for a further 6 months from today’s date in their roles as Non-executive Directors.
Related Party Transaction
The proposed grant of the Director Options to Scott Richardson-Brown and Edmund Shaw is deemed to constitute a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies. The Directors independent of the proposed grant of the Director Options, being Paul Johnson and Andrew Bell consider, having consulted with the Company’s nominated adviser, that the terms of the Director Options are fair and reasonable insofar as the shareholders of the Company are concerned.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“I am pleased to announce this proposed award of options to the Company’s Non-executive Directors, as recognition of their ongoing role in the Company and the creation of a Company Option Pool to award key members of the team for their ongoing service.
The demands placed on all the Company’s team members are immense, given the intensity of Company activities, and that situation is likely to persist going forward.
Once again, we have ensured that options awarded include performance conditions aligning option recipients interests with shareholders. Aside from the premium of the exercise price above the market price (c. 35%) the VWAP performance condition means the share price must increase by at least 108% to 5.0p before the options can be exercised.”
Overall Summary of Director Options
Following the above Director Option issues the overall options held by the board are:
|
Director |
Number of Ordinary Shares under option |
Terms |
|
Andrew Bell (Chairman) |
13,613,929*
7,500,000* |
1.0p exercise price, expiry 15/02/2022
2.0p exercise price, expiry 29/07/2023, 2.0p six month VWAP hurdle before exercise
|
|
Paul Johnson (CEO) |
13,613,929*
12,500,000*
|
1.0p exercise price, expiry 15/02/2022
2.0p exercise price, expiry 29/07/2023, 2.0p six month VWAP hurdle before exercise
|
|
Scott Richardson Brown (Non-executive director) |
500,000*
500,000*
5,000,000*
5,000,000^ |
5.0p exercise price, expiry 28/08/2023
5.0p exercise price, expiry 28/08/2023
1.0p exercise price, expiry 19/02/2023
3.25p exercise price, expiry 4/06/2024, 5.0p ten day VWAP hurdle before exercise
|
|
Edmund Shaw (Non-executive director) |
5,000,000*
5,000,000^ |
1.0p exercise price, expiry 19/02/2023.
3.25p exercise price, expiry 4/06/2024, 5.0p ten day VWAP hurdle before exercise
|
|
*Existing options ^New proposed Director Options announced today (and subject to shareholder approval at GM) |
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Total |
68,227,858 |
|
Certain information contained in this announcement would have been deemed 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:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metals exploration in North America and Australia together with base and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Warrant Update & Extension of Insider Warrants
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to provide a warrant update for shareholders.
Update Regarding Exercise of Warrants Expiring February 2021
On 18 February 2019 the Company issued warrants (the “February 2019 Warrants”) as part of the refinancing of the Company as outlined below:
|
Description |
Number of Warrants |
Exercise Price |
|
Financing Warrants |
200,000,000 |
1.0p |
|
Advisor Warrants |
5,000,000 |
1.0p |
|
Debt Settlement Warrants |
6,000,000 |
0.5p |
All February 2019 Warrants carried a two-year life which ended yesterday on 18 February 2021.
Power Metal can now confirm that, save for the 40 million Financing Warrants held by insiders and connected parties, further details of which are provided below (the “Insider Warrants”), the Company has received valid exercise notices for 100% of all the February 2019 Warrants.
The Company is currently processing exercise notices and will provide an Exercise of Warrants market announcement in the coming days.
Warrant Exercise Proceeds and Working Capital Summary
In total the exercise of the February 2019 Warrants to date has raised an additional £1.68 million for the Company and in total all warrant exercises in 2020/2021 have raised circa £2.9million.
This inflow of monies has significantly increased the Company’s working capital, including cash and listed investments, which currently stands at circa £3.28 million.
Extension of Insider Warrants
As at 18 February 2021 the following February 2019 Warrants held by Directors or their related parties remained outstanding (“Insider Warrants”):
|
Warrant Holder |
N umber of Warrants |
Exercise Price |
|
Paul Johnson |
10,000,000 |
1.0p |
|
Andrew Bell |
10,000,000 |
1.0p |
|
Red Rock Resources plc |
20,000,000 |
1.0p |
The Insider warrants were issued following participation in the February 2019 Financing.
The Company is currently finalising its audited financial statements for the year ended 30 September 2020, which Power Metal expects will be announced to the market in the week commencing 22 February 2021, consequently the Company is in a close period.
In addition the Company is currently managing numerous exploration programmes and corporate activities across its portfolio, including matters pertaining to its Australian gold joint venture, Red Rock Australasia Pty Limited, in which the Company holds a 49.9% interest (with joint venture partner Red Rock Resources plc (LON:RRR) holding 50.1%).
As a result, the February 2019 Warrants held by Paul Johnson (Chief Executive Officer of Power Metal), Andrew Bell (Chairman of Power Metal and Red Rock Resources plc) and those held by Red Rock Resources plc, could not be exercised on the expiry date of 18 February 2021 and may be extended under the warrant instrument, as outlined below.
Under the February 2019 Warrant instrument clause 2.3 provides that should any February 2019 Warrant holder be in the possession of price sensitive information and be thereby precluded from exercising warrant subscription rights, the exercise period shall be extended until 20 business days following the date on which the Warrant holder ceases to be an insider.
Given the level of ongoing operational activity there is a material likelihood that the receipt of price sensitive information could frequently restrict the ability of Paul Johnson, Andrew Bell and Red Rock Resources plc to exercise the February 2019 warrants.
Reflecting the above the Company has extended the Insider Warrants expiry date by three months to a new expiry date of 18 May 2021.
RELATED PARTY NOTE
The extension of the Insider Warrants held by Paul Johnson, Andrew Bell and Red Rock Resources Plc as outlined above, have been treated as a related party transaction for the purposes of AIM Rule 13.
Scott Richardson Brown and Edmund Shaw, being the independent Directors for the purposes of the extension of the expiry date of the Insider Warrants held by Paul Johnson and Andrew Bell and Red Rock Resources Plc consider, having consulted with the Company’s nominated adviser, SP Angel, that the extension of the warrant expiry date to 18 May 2021 to such related parties is 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:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.
Power Metal Resources #POW – Director and Advisor Performance Option Award
Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce the grant of options to Executive Directors (“Director Options”) and the creation of an options Pool to incentivise key advisors and consultants to the Company.
The exercise price for the options granted will be 2.0p per ordinary share of 0.1 pence each in the Company (“Ordinary Share”) representing a premium of 122% to the closing mid-market share price on 29 July 2020 of 0.9p. All options will have a three-year life to expiry from today’s date.
Executive Director Options
The Company’s Executive Directors are to be awarded 20,000,000 options over Ordinary Shares allocated as 12,500,000 to Paul Johnson, Chief Executive Officer and 7,500,000 to Andrew Bell, Chairman (the “Director Options”). The Director Options will vest immediately, and, if possible, the Director Options are to be awarded under an Enterprise Management Incentive (“EMI”) tax protective scheme.
The Director Options will be subject to a condition that they may only be exercised when Power Metal has traded with a volume weighted average share price of 2.0p or higher for at least 6 months.
Options Pool for Advisors and Consultants to the Company
The Company has also created an Options Pool totalling options over 15,000,000 Ordinary Shares with a life to expiry of three years and an exercise price of 2.0p per Ordinary Share (the “Advisor Options”) for distribution at the Board’s discretion to business advisors and consultants who are, or may become, key to business growth and development and have been, or may be, important to the strategic and financial positioning of the Company.
Overall Summary of Director Options
Following the above Director Option issues the overall options held by the board are:
|
Director |
Number of Ordinary Shares under option |
Terms |
|
Andrew Bell (Chairman) |
13,613,929*
7,500,000 |
1.0p exercise price, 1.5p hurdle before exercise, expiry 15/02/2022
2.0p exercise price, expiry 30/07/2023
|
|
Paul Johnson (CEO) |
13,613,929*
12,500,000
|
1.0p exercise price, 1.5p hurdle before exercise, expiry 15/02/2022
2.0p exercise price, expiry 30/07/2023 |
|
Scott Richardson Brown (Non-executive director) |
5,000,000*
500,000*
500,000* |
1.0p exercise price, 1.5p hurdle before exercise, expiry 19/02/2023
5.0p exercise price, expiry 28/08/2023
5.0p exercise price, expiry 28/08/2023 (vest on 28/08/2020)
|
|
Iain Macpherson (Non-executive director) |
5,000,000*
16,667*#
16,667*#
16,666*#
|
1.0p exercise price, 1.5p hurdle before exercise, expiry 19/02/2023
20p exercise price, expiry 13/10/21
30p exercise price, expiry 13/10/21
40p exercise price, expiry 13/10/21 |
|
Edmund Shaw (Non-executive director) |
5,000,000* |
1.0p exercise price, 1.5p hurdle before exercise, expiry 19/02/2023. Only exercisable after 12 months service.
|
|
* Existing options # Options held by Ongeza Mining, a wholly owned subsidiary of Madini Minerals in which Iain Macpherson has a 75% interest. Mr Macpherson has advised that the disclosure of his interest held through Ongeza should now be presented in this manner. |
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Total |
63,277,858 |
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NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
|
1
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Details of the person discharging managerial responsibilities / person closely associated
|
||||
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a)
|
Name
|
1. Andrew Bell
|
|||
|
2
|
Reason for the notification
|
||||
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a)
|
Position/status
|
1. Executive Chairman
|
|||
|
b)
|
Initial notification /Amendment
|
Initial Notification |
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
Power Metal Resources Plc
|
|||
|
b)
|
LEI
|
213800VNXOUPHTX53686 |
|||
|
4
|
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
|
||||
|
a)
|
Description of the financial instrument, type of instrument |
options over ordinary shares of 0.1p each |
|||
|
Identification code |
ISIN: GB00BYWJZ743 |
||||
|
b)
|
Nature of the transaction
|
1. Issue of 7,500,000 Director Options |
|||
|
c)
|
Price(s) and volume(s) |
||||
|
Price(s) |
Volume(s) |
||||
|
2.0 pence |
7,500,000 |
||||
|
d)
|
Aggregated information |
||||
|
– Aggregated volume |
7,500,000
|
||||
|
– Price |
2.0p |
||||
|
e)
|
Date of the transaction
|
30 July 2020 |
|||
|
f)
|
Place of the transaction
|
Off market |
|||
|
1
|
Details of the person discharging managerial responsibilities / person closely associated
|
||||
|
a)
|
Name
|
1. Paul Johnson
|
|||
|
2
|
Reason for the notification
|
||||
|
a)
|
Position/status
|
1. Chief Executive Officer
|
|||
|
b)
|
Initial notification /Amendment
|
Initial Notification |
|||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
||||
|
a)
|
Name
|
Power Metal Resources Plc
|
|||
|
b)
|
LEI
|
213800VNXOUPHTX53686 |
|||
|
4
|
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
|
||||
|
a)
|
Description of the financial instrument, type of instrument |
options over ordinary shares of 0.1p each |
|||
|
Identification code |
ISIN: GB00BYWJZ743 |
||||
|
b)
|
Nature of the transaction
|
1. Issue of 12,500,000 Director Options |
|||
|
c)
|
Price(s) and volume(s) |
||||
|
Price(s) |
Volume(s) |
||||
|
2.0 pence |
12,500,000 |
||||
|
d)
|
Aggregated information |
||||
|
– Aggregated volume |
12,500,000
|
||||
|
– Price |
2.0p |
||||
|
e)
|
Date of the transaction
|
30 July 2020 |
|||
|
f)
|
Place of the transaction
|
Off market |
|||
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
For further information please visit https://www.powermetalresources.com/ or contact:
|
Power Metal Resources plc |
|
|
Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
|
SP Angel Corporate Finance (Nomad and Joint Broker) |
|
|
Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
|
SI Capital Limited (Joint Broker) |
|
|
Nick Emerson |
+44 (0) 1483 413 500 |
|
First Equity Limited (Joint Broker) |
|
|
David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including gold exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.