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#SVML Sovereign Metals – Former Rio Tinto Executive Joins Sovereign Board

FORMER RIO TINTO EXECUTIVE JOINS SOVEREIGN BOARD

· Leading international mining executive, Mr Nigel Jones, appointed as Non-Executive Director of Sovereign Metals and Chairman of the ESG Committee

· Mr Jones has over 30 years of mining industry experience with 22 years in a number of senior roles at Rio Tinto Group

· Most recently, Mr Jones was Managing Director of Rio Tinto’s Simandou iron ore project, one of the world’s largest proposed mining devlopment

 

Sovereign Metals Limited (ASX:SVM; AIM:SVML) (the Company or Sovereign) is pleased to announce that highly experienced mining industry executive Mr Nigel Jones has been appointed as a Non-Executive Director of the Company.

From 2019 to 2021, Mr Jones was Managing Director of Rio Tinto Group’s (Rio Tinto) very large Simandou iron ore project in Guinea, west Africa. In this role, he was accountable for all aspects of the project’s development, including its complex environmental, social and governance (ESG) strategy. Such aspects included impacts on natural ecosystems, biodiversity, and community and government relations.

Mr Jones was also a member of the senior leadership team of the Energy and Minerals product group, which incorporated Rio Tinto’s titanium dioxide feedstock businesses in Canada and southern Africa. Prior roles in Rio Tinto included Head of Business Development, Head of Business Evaluation and Managing Director of the group’s Marine operations.

Sovereign’s Managing Director Dr Julian Stephens commented : “We are delighted to welcome Nigel to the board of Sovereign Metals. To attract an individual of Nigel’s calibre is not only testament to the commercial potential of Kasiya, but also the very favourable ESG characteristics of the project, in which we strive to be best-in-class. Nigel’s input into our ESG strategy will significantly benefit our pursuit to ensure that sustainability, diversity and community are core in everything we do.”

Nigel Jones commented : “I am delighted to be joining the team at this very exciting stage for the Company. Sovereign has very quickly already demonstrated the huge potential of its Kasiya rutile discovery in Malawi as it continues to explore and develop this asset that will be of strategic importance to the titanium feedstock industry. I very much look forward to being part of the Company’s growth as it moves towards becoming a standard-bearer for the importance of sustainable mining practices for a better future.”

 

ENQUIRIES

Dr Julian Stephens (Perth)
Managing Director

+61(8) 9322 6322

Sam Cordin (Perth)
+61(8) 9322 6322

Sapan Ghai (London)
+44 207 478 3900

 

 

Nominated Adviser on AIM

RFC Ambrian

Bhavesh Patel / Andrew Thomson

+44 20 3440 6800

Broker

Optiva Securities

+44 20 3137 1902

Daniel Ingrams

Mariela Jaho

Christian Dennis

Power Metal Resources #POW – Historic Data Compilation over the Reitenbach Uranium Property Delivers Exciting Results

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update on its Reitenbach Uranium Property (“Reitenbach” or the “Property”), which is part of the larger uranium portfolio which includes seven 100% owned interests (Table 1) covering an area of 417.24 km2 (41,724 hectares), surrounding the Athabasca Basin in northern Saskatchewan, Canada.

A map highlighting some of the highlight results from the historic data compilation completed on the Reitenbach Uranium Property can be found at the following link:

https://www.powermetalresources.com/reitenbach-property-overview/

Reitenbach Property Overview

–      The Reitenbach Property covers a total of 14,646-hectares (c. 146km2) located in northeastern Saskatchewan, Canada. Saskatchewan ranked third in the most recent 2020 Fraser Institute Investment Attractiveness Index rankings of global mining jurisdictions.1

–      The Property is centered around seven Saskatchewan Mineral Deposit Index (“SMDI”) uranium occurrences, and covers a highly anomlous lake-sediment sample of 130 parts per million (“ppm”) Uranium (“U”), the 11th highest (99.9th percentile) lake uranium assay in the Geological Survey of Saskatchewan lake sediment analysis database (“GSSSD”) of 13,195 individual lake sediment samples from the Precambrian Shield area of Saskatchewan. An additional licence was staked recently in order to better cover this highly prospective area (see linked Figure 1)2

–      Reitenbach is in close proximity, or has continguous claim borders with several publically listed uranium companies including Forum Energy Metals Corp., Cameco Corp., and Appia Energy Corp.

–      The Property is prospective for both porphyry-style (incl. thorium-molybdenum-rare-earth element) and metasedimentary-hosted uranium mineralisation.

–      The Company is reviewing multiple strategic outcomes for the Property, including the potential outright sale of the asset. Further updates in respect to the Property are expected in the coming weeks.

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

“Power Metal has seen considerable interest in the Company’s uranium properties surrounding the Athabasca basin, and we see significant value creation potential through the disposal of certain interests either through direct sale to third parties or the creation of new listings in the London markets.

We are therefore accelerating our property review work to assemble in-depth datarooms for each property.  The review of historical data and exploration results of the Tait Hill property were announced previously and Reitenbach Property is covered in today’s announcement.

Recognising the importance of uranium to our business, we have recruited an additional uranium focused team member who is working with us now to advance our uranium focused interests.

Further updates will follow as material developments occur.”

FURTHER TECHNICAL INFORMATION

Power Metal recently completed an in-depth historical data compilation across its entire uranium Portfolio surrounding the prolific Athabasca Basin, Saskatchewan, and now possesses a robust fully-digitised database covering all historic work programmes completed across the various Properties, including the Reitenbach Uranium Property.

A total of 10 historic reports were digitised from work programmes covering at least some part of the Property. These date back to 1969, with only one work programme (2007 airborne survey) completed since 1979. As a result, the Property has seen minimal recent exploration.

Reitenbach Compilation Highlights

–      Multiple historic operators noted that the Property has the potential to host either low-grade, large-tonnage porphyry-style uranium mineralistion, or higher-grade, lower-tonnage sediment-hosted mineralisation within unexposed metasedimentary rocks. Two reports highlighted the similarities between Reitenbach and the Rossing Uranium mine (“Rossing”) in Namibia, owned by the China National Uranium Corporation Limited, known as the world’s longest running open-pit uranium mine.3,4,5 The average grade mined from Rossing in 2020 was 335ppm U.3

–      The Reitenbach Property is noted as having less than 1% of exposed outcrop, making traditional ground-based exploration difficult. As a result, historic operators have relied heavily on airborne geophysics and boulder sampling, a technique typically used in northern Saskatchewan where mineralised boulders are mapped in order to vector towards a covered outcrop source of uranium mineralisation. Lake sediment results were originally used as a first pass method in order to determine areas with relative uranium enrichment to be targeted for further exploration.

–      Several high-priority radiometric anomalies were identified on Reitenbach from multiple historic airborne surveys. The majority have now been digitised and can be found on the map available through the link above.

–      Historic results highlighted a NE-SW trending boulder train located in the southern part of the Property, with results up to 5,720ppm U (incl. a result of 2,520ppm U). This area is coincident with both:

1)    the regionally important Needle Falls Shear Zone (“NFSZ”), it is noted that 200km to the SW along the NFSZ is the Duddridge Lake uranium deposit; and

2)    the 130ppm U GSSSD result, the 11th highest lake sample uranium result in the entire province. Further work is required in this area to determine the bedrock source of this uranium mineralisation.4 An additional licence was staked recently in order to better cover this highly prospective area (see linked Figure 1).

–      In the northern part of the Property, at least 8 historic boulder samples grading >250ppm U were digitised, including highlight results up to 2,320ppm and 2,883ppm U. Notably, a 1977 lake sediment sampling programme which oversaw the collection 3,042 total lake sediment samples covering an area of approximately 2,800km2 (including the Reitenbach Property area), returned two extremely anomalous results of 508ppm, and 452ppm U. Both of these results are located within Reitenbach, and they represent the highest two results from the entire survey.5

The Company’s interpretation work continues to uncover exciting findings within the historical dataset from our Athabasca uranium portfolio in Saskatchewan, Canada.

With the fully digitised historical dataset now held by Power Metal, we can continue to add value to the uranium portfolio through our interpretation work.  We anticipate additional updates to the market  highlighting our findings in the coming weeks.

Uranium Property Holding Structure

Power Metal has a 100% subsidiary Power Metal Canada Inc (“Power Canada”), which acts as the holding company for certain Canadian project operations. Power Canada has a wholly-owned subsidiary, 102134984 Saskatchewan Ltd, which is the holder of the Company’s Saskatchewan uranium portfolio.

Table 1: 102134984 Saskatchewan Ltd., Athabasca Basin Property Holdings*

 

Project

Licence ID

Area – Hectare

Clearwater Uranium Property

MC00015079

1,110

MC00015083

563

MC00015082

3,191

MC00015151

760

MC00015646

761

MC00015658

1,541

Tait Hill Uranium Property

MC00015078

1,576

MC00015081

968

MC00015153

1,530

MC00015152

1,886

MC00015647

725

MC00015648

1129

Thibaut Lake Uranium Property

MC00015077

2,206

MC00015659

2,195

Soaring Bay Uranium Property

MC00015080

1,255

MC00015155

3,375

Cook Lake Uranium Property

MC00015212

984

E-12 Uranium Property

MC00015213

1,323

Reitenbach Uranium Property

MC00015214

2,135

MC00015474

1,235

MC00015655

4,570

MC00015656

5,322

MC00015657

856

AC00017691

528

Total Land Holdings

41,724

*Bold text refers to ground acquired since the most recent acquisition and expansions announced by the Company on 10 November 2021

Reference Notes:

1:             https://www.fraserinstitute.org/sites/default/files/annual-survey-of-mining-companies-2020.pdf

2:             https://geohub.saskatchewan.ca/datasets/gsc-lake-sedimentanalyses/explore?location=57.252950%2C-105.528550%2C6.69

3:             https://www.rossing.com/shareholding.html

4:             Robert J., Munday (Sasktchewan Department of Natural Resources): Ground Evaluation of Airborne Radiometric Anomalies in Crown Reserve 619, Northern Saskatchewan, During Summer 1975 (64L-0018)

5:             David A. Harrigan (Saskatchewan Mining Development Corporation): Final Report – 1977 Field Season Wollaston East Project – SMDC Permits 7-10, CBS 4907 NTS 64 L-1, 2, 7, 8 (64L-0012)

 

COMPETENT PERSON STATEMENT

The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Competent Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.

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 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.

Authier North Lithium

Canada

Earn-in to 100%

Soil & rock sampling completed

Laboratory assay results of samples collected

Ditau Project

Botswana

50%

Preparatory exploration work underway on target I10 leading to planned accelerated drilling targeting rare-earth elements and base metals

 

Field programme findings and defined drill targets for near term drilling.

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%A

Kavango Option to acquire an interest in local project holding company.  Option fee payable through defined work programme

Results from various work activities underway as part of the Kavango Option

Tati Gold/Nickel

Botswana

100%

Reverse circulation drill programme completed

Laboratory assay results awaited

Haneti Project

Tanzania

35%

Diamond drill programme underway

Results from field programme including drill programme underway

Victoria Goldfields

Australia

49.9%

Ongoing exploration across +1500km2 of granted exploration licences

 

Results from field programme including drill programme underway

Wallal Gold/Copper Project

Australia

83.33%B

Passive seismic and 2D seismic processing work programme completed.

Ground reconnaissance work underway.

Results awaited

A should Kavango exercise their option to acquire Kalahari Key, Power Metal interest would reduce to 40% of the Molopo Farms Complex project

B assuming all licences held by URE Metals Pty Limited are granted as outlined in the Company’s announcement of 19.11.21 resulting in the issue of First Development Resources Ltd shares to URE vendors

Alan Green covers #PETS Pets at Home, #COIN Coinsilium & #KDNC Cadence Minerals on the Vox Markets podcast

Alan Green covers #PETS Pets at Home, #COIN Coinsilium & #KDNC Cadence Minerals on the Vox Markets podcast

Listen to the Podcast here

Cadence Minerals #KDNC – Result of Placing & Subscription and TVR

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF CADENCE MINERALS PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL.

Cadence Minerals Plc

(“Cadence Minerals”, “Cadence” or the “Company”)

Result of Placing & Subscription and Total Voting Rights

Cadence Minerals (AIM/AQX: KDNC; OTC: KDNCY) is pleased to announce that it has successfully raised gross proceeds of £4.1 million in an oversubscribed fundraising as announced yesterday (the “Placing”).

A total of 19,512,180 Placing Shares in the Company have been placed by WH Ireland Limited (“WH Ireland”) with new and existing investors at a price of 20.5 pence per share (the “Issue Price”).

In addition, the Company has secured a further £0.1 million via a direct subscription (the “Subscription”) of 487,805 shares at the Issue Price (the “Subscription Shares”).

The fundraise was significantly oversubscribed in both the Placing and Subscription and the Directors of the Company are delighted by the support from existing shareholders and new investors, including institutional investors.

Application will be made to the London Stock Exchange for the Placing Shares and Subscription Shares to be admitted to trading on AIM and to the AQSE Growth Market and it is anticipated that dealings in the Placing and Subscription Shares will commence on AIM at 8.00 a.m. on 10 February 2022 (“Admission”). The Placing and Subscription Shares will represent approximately 11.9 per cent. of the Company’s issued share capital following completion of the Placing (“Enlarged Share Capital”). The Issue Price represents a discount of approximately 17.1 per cent. to the closing mid-market price of Cadence’s existing ordinary shares of 24.75 pence on 1 February 2022 (being the last business day prior to the announcement of the Placing yesterday).

Following Admission, the Company’s issued and fully paid share capital will consist of 168,049,083 Ordinary Shares, all of which carry one voting right per share. The Company does not hold any Ordinary Shares in treasury. The figure of 168,049,083 Ordinary Shares may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Capitalised terms used but not defined in this announcement have the meanings given to them in the Company’s announcement released earlier today in respect of the Placing unless the context provides otherwise.

Enquiries:

Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce / Darshan Patel

Harry Ansell / Daniel Bristowe

Novum Securities Limited (Joint Broker)

+44 (0) 207 399 9400

Jon Belliss

 

This announcement includes inside information as defined in Article 7 of the UK version of Market Abuse Regulation No. 596/2014 as it forms part of UK law as retained EU law as defined in, and by virtue of, the European Union (Withdrawal) Act 2018, as amended, and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.

#ECHO Echo Energy – Total Voting Rights

echo

Echo Energy, the Latin American focused full cycle energy company announces, in accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, the following information as at 31 January 2022:

 

 

Class of share

 

Total number of shares

 

Number of voting rights per share

 

Total number of voting rights per class of share

 

 

Ordinary shares of 0.25p each (“Ordinary Shares”)

 

 

1,452,491,345

 

1

 

1,452,491,345

 

 

No Ordinary Shares are held in treasury.

 

The above figure for total number of Ordinary Shares may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

#POLB Poolbeg Pharma – Confirmation of vaccine platform licence execution

31 January, 2022 – Poolbeg Pharma (AIM: POLB, ‘Poolbeg’ or the ‘Company’) a clinical stage infectious disease pharmaceutical company with a capital light clinical model, confirms that it has signed the licence to AnaBio Technologies’ (‘AnaBio’) microencapsulation and nanoencapsulation technologies to develop an oral vaccine delivery platform.

This follows the binding term sheet announced on 16 December 2021. This licence provides Poolbeg with exclusive access to AnaBio’s microencapsulation and nanoencapsulation technologies for use in the development and commercialisation of vaccines. Combined with the Company’s expertise in infectious diseases and vaccine development, Poolbeg will use this technology as a platform to complement its existing and growing pipeline of assets by developing oral vaccines for multiple disease indications.

Oral vaccines have been used successfully, but in a limited way, for decades, such as in the prevention of polio and typhoid. Broadening the range of diseases with oral vaccines available is beneficial as they can provide enhanced benefits by delivering antigens to specific areas of the gut, triggering the development of ‘mucosal immunity’ which prevents pathogens from infecting the body. The COVID-19 pandemic has accelerated demand for innovation in the development of vaccines, and oral vaccines offer many advantages having improved vaccine stability profiles, easier global distribution and administration as well as tackling the issue of needle-phobia.

This is the latest in several licence agreements that Poolbeg has completed since its IPO in July 2021, demonstrating delivery against commitments made at the time of listing. The Company’s pipeline of assets continues to expand and is increasing in diversity with the addition of this innovative oral vaccine delivery platform. This latest licencing agreement follows swiftly on the back of a series of other recently announced potentially ground-breaking infectious disease asset deals. This includes the first-in-class, intranasally administered, RNA-based immunotherapy for respiratory virus infections announced on 17 January 2022 (POLB 002). In December 2021 the Company announced that it had successful signed an option agreement to licence an intramuscular Melioidosis vaccine (POLB 003). Melioidosis is a disease which presents a dangerous and underappreciated threat to human health which currently has no approved vaccine and a very high mortality rate and in addition, concerns are growing around global warming contributing to the spread of the disease to traditionally non-tropical areas. These new assets are in addition to the Company’s lead programme, POLB 001, a treatment for severe influenza. Post-pandemic the global community recognises the importance of vaccines and treatments against infectious disease and governments are hugely increasing their investment into influenza pandemic preparedness.

Jeremy Skillington, PhD, CEO of Poolbeg Pharma, said:

“Vaccine uptake is a critical factor in the effectiveness of combating communicable infectious diseases, something that the COVID-19 pandemic has shown in recent months. Oral vaccines bring significant benefits both in terms of the logistics required to distribute and administer them, but also in how the body responds through creating mucosal immunity in the gut and acting as a barrier to the infection.

“This licencing deal with AnaBio and the access to its advanced micro- and nano-encapsulation technologies will enable Poolbeg to develop an oral vaccine delivery platform from which to complement an already diverse pipeline of treatments and vaccines against infectious diseases.”

Aidan Fitzsimons, PhD, CEO of, AnaBio Technologies, said:

“This is a really exciting opportunity to apply AnaBio’s patented micro-encapsulation technology, which has been shown to facilitate absorption of Active Pharmaceutical Ingredients (API’s) through the gut, in the development of an oral vaccine. Micro-encapsulation is a process which involves coating microscopic particles of an API with a protective layer enabling the API to travel safely through the digestive system, and be absorbed across the gut in a bioavailable form. Combining AnaBio’s proven micro-encapsulation technology and Poolbeg’s vaccine and immunology expertise puts us both in a great position to deliver a genuine breakthrough innovation in oral vaccine development.”    

 

– Ends –

Enquiries

 

Poolbeg Pharma Plc

Jeremy Skillington, CEO

Ian O’Connell, CFO

 

+44 (0) 207 183 1499
finnCap Ltd (Nominated Adviser & Joint Broker)

Geoff Nash, James Thompson, Charlie Beeson

 

+44 (0) 20 7220 0500
Arden Partners PLC (Joint Broker)

John Lewellyn-Lloyd, Louisa Waddell

 

+44 (0) 207 614 5900
J&E Davy (Joint Broker)

Anthony Farrell, Niall Gilchrist

 

+353 (0) 1 679 6363
Instinctif Partners

Melanie Toyne Sewell, Rozi Morris, Tim Field

+44 (0) 20 7457 2020

poolbeg@instinctif.com

#MSMN Mosman Oil and Gas – Result of Annual General Meeting

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces that the 2021 AGM was held in Sydney earlier today. The meeting was held in accordance with COVID protocols currently in place in Sydney, and Australia.

Resolution 1, the re-election of Mr. JW Barr as a Director, was placed before shareholders. The following proxies were received:

For

511,967,495

78.44%

Against

138,546,916

21.23%

Abstain

2,134,772

0.33%

The Resolution was passed on a show of hands.

Resolution 2, in respect of a potential share consolidation, was withdrawn as previously announced.

Previously the Company had sought questions from shareholders. A summary of the questions and answers will be published on the Company’s website.

Enquiries:

Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director

jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com

NOMAD and Joint Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Adam Cowl

+44 (0) 20 3470 0470

Alma PR

Justine James / Joe Pederzolli

+44 (0) 20 3405 0205

+44 (0) 7525 324431

mosman@almapr.co.uk

Joint Broker

Monecor (London) Ltd trading as ETX Capital Thomas Smith

020 7392 1432

#POW Power Metal Resources – Transaction Update – Pilot Mountain Project

Power Metal Resources PLC (LON:POW) the London AIM listed company which finances and manages global resource exploration projects, announces a transaction update following the exercise of the option (the “Option”) on the Pilot Mountain Project (“Pilot Mountain” or the “Project”) located in Nevada, United States of America (“USA”) (the “Transaction”). 

The Company’s announcement in respect of the Transaction of 1 November 2021 may be viewed through the following link: https://www.londonstockexchange.com/news-article/POW/acquisition-of-pilot-mountain-project/15193667   

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

“I am pleased to confirm completion of the Pilot Mountain transaction and the further signing of a Variation Agreement enabling Power Metal to secure early clearance of the tail benefit.

Our ongoing technical work in respect of the Pilot Mountain project has increasingly demonstrated significant upside potential within the existing 2018 Mineral Resource Estimate and we considered there was a reasonable likelihood that the tail benefit would become payable within the 2 year payment period.

The early clearance of the tail benefit also frees Power Metal from any future contractual financial encumbrance in respect of the Project.

The recent classification of tungsten as a critical mineral from the United States Geological Survey, and the lack of primary domestic tungsten production makes the Project in our view highly strategic, both now, and potentially much more so in the future with successful further exploration work which will be undertaken by Golden Metal Resources.”  

HIGHLIGHTS

Transaction Completion

Power Metal subsidiary Golden Metal Resources Limited (“Golden Metal UK”) has established a new wholly owned subsidiary Golden Metal Resources Australia Pty Limited (“Golden Metal Australia”) which has now completed the 100% acquisition of the Pilot Mountain project. 

Variation Agreement

The terms of the Transaction are outlined below, and included the Tail Benefit of deferred consideration of US$500,000 (c£368,000)  payable to Thor Mining plc (the “Vendor” or “Thor Mining”) in the event that Golden Metal UK publishes a JORC or 43-101 compliant resource at Pilot Mountain which increases against current declared levels by 25% across total indicated and inferred categories within two years after the Transaction agreement date.

Power Metal has now agreed terms to secure the early clearance of this Tail Benefit through the payment of £50,000 cash and issue to Thor Mining of 4 million Power Metal new ordinary shares of 0.1p each in the Company at an issue price of 2.5p per share (£100,000) (“Variation Shares”).

Power Metal and Thor Mining plc have signed a Variation Agreement to effect the above.  Following completion of the payments due under the Variation Agreement, all amounts due or potentially due under the Transaction have now been settled in full and no further consideration is due.

Listing of Golden Metal

Golden Metal UK is making good progress with its proposed listing process and a further update will be provided in the near future.

TRANSACTION INFORMATION

Power Metal subsidiary Golden Metal Resources Limited (“Golden Metal UK”) has established a new wholly owned subsidiary Golden Metal Resources Pty Limited (“Golden Metal Australia”) which has now completed the 100% acquisition of the Pilot Mountain Project.

Power Metal has paid US$115,000 in cash consideration to Thor Mining and US$1,650,000 of consideration through the issue to Thor Mining of 48,118,920 new Ordinary Shares at an issue price of 2.5 pence per share (“Initial Consideration Shares”).

Thor Mining will hold the Initial Consideration Shares in full for a minimum of 6 months after the Option Exercise date and thereafter the Initial Consideration Shares will become freely tradable in 25% instalments (25% tradable 6 months after Option Exercise date, 50% – 9 months after Option Exercise date, 75% – 12 months after Option Exercise date and 100% – 15 months after Option Exercise date.)  This trading restriction period may be varied with the written agreement of both parties.

In addition, Power Metal have issued to Thor Mining 12.5 million warrants to subscribe for Ordinary Shares with an exercise price of 4p per Ordinary Share and life to expiry of 3 years from the Option Exercise date (“Initial Consideration Warrants”).  Should the volume weighted average price (“VWAP”) of Power Metal shares meet or exceed 10 (ten) pence for 5 consecutive trading days Power Metal may serve notice on Thor Mining providing 14 calendar days to exercise and pay for the Initial Consideration Warrants or the Initial Consideration Warrants will be cancelled.

Should Thor Mining exercise the Initial Consideration Warrants above within 12 months from the Option Exercise date, Thor Mining will receive one for one replacement warrants to subscribe for Ordinary Shares at a fixed price of 8p per Ordinary Share, and life to expiry ending 3 years from the date of Option Exercise (“Super Warrants”). Should the Power Metal volume weighted average share price meet or exceed 20p for five consecutive trading days Power Metal may at any time issue Thor Mining with a written notice providing 14 days to exercise and pay for the Super Warrants or the Super Warrant will be cancelled.

All Option Exercise Consideration items outlined above have now been paid or issued in full.

Tail Benefit 

Power Metal was to issue Thor Mining with a further US$500,000 of consideration in new Ordinary Shares if Golden Metal UK publishes a JORC or 43-101 compliant resource at Pilot Mountain which increases against current declared levels by 25% across total indicated and inferred categories within two years after the Agreement date.  The number of Ordinary Shares to be issued was to be calculated based on the volume weighted average Power Metal share price in the ten trading days immediately preceding the announcement by Golden Metal of the JORC or 43-101 compliant increase.

With the Variation Agreement announced today, the above Tail Benefit is now eliminated.

Additional Terms

Thor Mining and their professional corporate, licensing and geological teams will continue to work with Power Metal and Golden Metal to assist with Pilot Mountain ownership transfer and to manage local corporate & exploration/development operations in the 12 months following the Option Exercise date. Power Metal and Golden Metal will pay for any assistance provided post Transaction on reasonable commercial terms to be agreed.

PILOT MOUNTAIN OWNERSHIP STRUCTURE

Wholly owned1 Power Metal subsidiary Golden Metal Resources UK through its wholly owned subsidiary Golden Metal Resources Australia Pty Ltd., now holds 100% of Black Fire Industrial Minerals Pty Ltd., (Australian private company) which owns 100% of Industrial Minerals (USA) Pty Ltd., (Australian private company) which owns 100% of: BFM Resources Inc., and Pilot Metals Inc., (USA private companies) which own tenements covering the entire Pilot Mountain Project and the 2018 Mineral Resource Estimate.2

Further disclosures

As at the date of option announcement on 31.08.21 the following disclosures were made:

As at 30 June 2020 BFM Resources Inc had Gross Assets of AUD$21,449 (circa £11,317) and incurred no profit or loss (AUD$Nil) for the year ended 30 June 2020.

As at 30 June 2020 Pilot Metals Inc had Gross Assets of US$3,055,411 (circa £2,226,602) and a loss of US$106,164 (circa £77,366) for the year ended 30 June 2020.

As at 30 June 2020 Black Fire Industrial Minerals Pty Ltd on a consolidated basis had Gross Assets of AUD$5,181,951 (circa £2,738,397) and a loss of AUD$154,690 (circa £81,746) for the year ended 30 June 2020.

It is further noted that since the announcement of the Pilot Mountain option, Thor Mining plc transferred the Pilot Mountain project and all holding companies to “Held for Sale Assets” with a written down value of £1,050,000 as at 30 June 2021 their reported financial year end.

ADMISSION AND VOTING RIGHTS

Application will be made for the 4,000,000 Tail Benefit Shares to be admitted to trading on AIM which is expected to occur on or around 31 January 2022 (“Admission”). The Tail Benefit 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 1,448,339,986 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.

Reference Notes:

  As announced on 9.12.21 Golden Metal Resources Limited has undertaken a pre-IPO financing raising £750,000.  Following the issue of shares in respect of this financing Power Metal will hold 83.13% of Golden Metal Resources Limited.

2   https://www.thormining.com/sites/thormining/media/pdf/asx-announcements/20182019/20181214-pilot-mountain-resource-update.pdf

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

#POLB Poolbeg Pharma – Poolbeg Pharma licences first-in-class broad spectrum RNA-based immunotherapy for respiratory virus infections from the University of Warwick

17 January, 2022- Poolbeg Pharma (AIM: POLB, ‘Poolbeg’ or the ‘Company’), a clinical stage infectious disease pharmaceutical company with a capital light clinical model, has in-licenced a novel, first-in-class RNA-based immunotherapy for respiratory virus infections developed at the University of Warwick.

Poolbeg has secured an exclusive licence to this dual antiviral prophylactic and therapeutic candidate, which is at a late-pre-clinical development stage. In vivo data confirms that this immunotherapy asset targets pan-respiratory virus infections, which could include influenza, respiratory syncytial virus (RSV), SARS-CoV-2 and others.

The candidate, which will be developed by Poolbeg as POLB 002, was developed at the University of Warwick and derived from twenty years of research with world class virologists, Professor Andrew Easton and Professor Nigel Dimmock.

Administered intra-nasally, this RNA-based immunotherapy works by triggering nasal cells into an antiviral state to protect from the infecting virus. Simultaneously, it blocks the cells from making more virus by directly preventing its replication. Both modes of action combined can reduce infectious viral loads and improve disease symptoms. As a nasally administered and rapidly effective prophylactic antiviral candidate, it could potentially provide an effective solution for protecting at risk patient populations (e.g. the elderly, COPD patients, and asthmatics).

Respiratory virus infections are considered a top five global killer resulting in more than three million annual deaths worldwide. There is a significant unmet need for improved respiratory virus infection therapies and the current available treatments, vaccines and antiviral drugs, are typically pathogen specific. Consequently, 85% of illnesses caused by non-influenza viruses cannot be adequately treated and the emergence of resistance is also a major concern.

Jeremy Skillington, PhD, CEO of Poolbeg Pharma, said: “This dual action immunotherapy developed by the team at University of Warwick is a really exciting technology in the field of respiratory virus disease treatments. The data shows it to rapidly reduce viral load and also prevent the likelihood of virus resistance.

“It will be an excellent addition to our growing pipeline of assets and we plan to move rapidly towards human proof-of-concept studies using our capital light clinical model. We look forward to updating the market as POLB 002 progresses through the clinic with the ultimate aim of partnering it with Big Pharma.”

Professor Andrew Easton, from the School of Life Sciences at the University of Warwick, said: “Currently most respiratory virus infections cannot be treated despite being responsible for millions of deaths each year. This is a very exciting new approach with great potential. We are delighted to be developing it alongside the Poolbeg Pharma team, with their extensive knowledge and experience in the sector.”

– Ends –

Enquiries

 

Poolbeg Pharma Plc

Jeremy Skillington, CEO

Ian O’Connell, CFO

 

 

+353 (0) 1 644 0007
finnCap Ltd (Nominated Adviser & Joint Broker)

Geoff Nash, James Thompson, Charlie Beeson

 

+44 (0) 20 7220 0500
Arden Partners PLC (Joint Broker)

John Lewellyn-Lloyd, Louisa Waddell

 

+44 (0) 207 614 5900
J&E Davy (Joint Broker)

Anthony Farrell, Niall Gilchrist

 

+353 (0) 1 679 6363
Instinctif Partners

Melanie Toyne Sewell, Rozi Morris, Tim Field

+44 (0) 20 7457 2020

poolbeg@instinctif.com

 

University of Warwick
Alice Scott – Media Relations Manager

+44 (0) 7920 531 221

Alice.j.scott@warwick.ac.uk

 

#ECHO Echo Energy – Directorate Changes

echo

Echo Energy, the Latin American focused full cycle energy company,   is pleased to announce the appointment of Christian Yates as an independent non-executive director, with effect from 17 January 2022.

Christian is Chairman of Gresham House Renewable Energy VCT 2 plc, one of two listed investment companies he co-founded in 2010. He has been investing in, advising on and promoting investments in renewable energy since 2009.

Following eight years in the British Army, Christian began his career in fund management in 1988. He has worked for several investment houses holding senior positions at Bear Stearns Asset Management where he was CEO International, Julius Baer Investments as CEO London, Chase Asset Management as MD EMEA and Lazard Asset Management.

Since 2012, Christian has combined being an entrepreneur and consultant with being a non-executive director, with significant experience across  sectors including renewable energy (including wind, waste to energy and BESS), real estate, hospitality, fund management and wealth management where until October 2020 he was Chairman of the Bowmore Wealth Group.

The Company also announces that Gavin Graham, a non-executive director of the Company, will be stepping down as a director of the Company concurrently with Christian’s appointment in order to maintain a fit for purpose board composition and size.

James Parsons, Non-executive Chairman, commented: 

“I am delighted to welcome Christian to the Board.  His deep background across the renewable energy space is a critical enabler for our energy transition in Latin America and will add a vital and relevant dimension to our thinking. We will benefit hugely from Christian’s wealth of experience throughout the energy arena and I look forward to working with him.

I am also extremely grateful to Gavin for his support at Echo over the years, his contributions to our board discussions  and I wish him all the best for his future endeavours.”

The directorships and partnerships currently held by Christian Yates and over the five years preceding the date of appointment are as follows:

Mr Christian James Kurt Yates , aged 59

 

Current directorships/partnerships Previous directorships/partnerships
Aura Sustainable Capital Investments Ltd

Away Birmingham Limited

Away Cheltenham Limited

Away Holdings Limited

Away Storage Limited

Away Storage Liverpool Limited

CJK & RA Yates LLP

Gresham House Renewable Energy VCT 2 plc

New Radiation (2008) LLP

Remount T/A Future for Heroes Ltd

Weirs Drove Development Limited

 

127 Piccadilly Plc

Aura Renewables Infrastructure Trust plc

Bowmore Asset Management Limited

Bowmore Financial Planning Limited

Bowmore Wealth Group Limited

Canvenue Limited

Cherif Barnes Developments Limited

Cherif Hampton Row Holdco Ltd

Cherif Investment Properties Ltd

Hampton Row (Barnes) Management Limited

Managed Storage Services (1) Ltd

W4B (UK) Limited

 

Mr Yates was appointed as a director of W4B Bristol Limited on 27 April 2009. Liquidators were appointed to W4B Bristol Limited on 17 March 2015 and that company was dissolved on 12 April 2016. Unsecured creditors were paid a first and final dividend totalling £30,350, equating to 19.96 pence per GBP on unsecured claims of £152,048.

Christian Yates does not hold any ordinary shares in the Company and there are no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.

For further information please contact:

 

Echo Energy plc

Martin Hull, Chief Executive Officer

 

Via Vigo Communications Ltd

 

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

 

Tel: 44 (0)20 7397 8900
Vigo Communications Ltd (PR Advisor)

Patrick d’Ancona

Chris McMahon

 

 

Tel: 44 (0)20 7390 0230
Shore Capital (Corporate Broker)

Anita Ghanekar

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