Tag Archives: warrant extension

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an extension of December 2019 financing warrants held by Paul Johnson and Edmund Shaw, Directors of the Company (the “Insider Warrants”).

Extension of Insider Warrants

As 17 March 2022 the following Insider Warrants remained outstanding:

The Insider Warrants were issued following participation in the December 2019 financing and had an original expiry date of 17 December 2021 which was extended by 3 months to 17 March 2022 as announced on 17 December 2021.

The Company is undertaking numerous exploration programmes and corporate activities across its portfolio where current and near term expected work streams include:

North America:

–  Progression of the First Class Metals plc and Golden Metal Resources plc listing processes, and administrative matters related thereto.

–  Commercialisation activities in respect of the Silver Peak project in British Columbia, Canada.

–  Technical data compilation review across five of the Company’s seven uranium exploration projects surrounding the Athabasca Basin, Saskatchewan, Canada, and commercialisation activities in respect of the Athabasca uranium portfolio.

–  Technical review of the Authier North Lithium project, including additional information following publication of an updated Mineral Resource by neighbour Sayona Mining¹

Africa:

–  Matters in relation to the Kavango Resources plc option to acquire Kalahari Key Mineral Exploration Pty Limited and become a Molopo Farms Complex (“MFC”) project partner with Power Metal (expiry 18.3.22) and development of next stage exploration plans for the MFC project.

–  For the Tati Project in Botswana targeting gold/nickel, receipt and technical review of assay results from the completed reverse circulation programme, potential additional assay testing and various commercial matters relating to the Tati Project.

–  Preparations in Botswana for upcoming drill programmes at the Ditau Camp Project targeting rare earth elements and the Kalahari Copper Belt Project targeting copper/silver mineralisation.

–  For the Haneti Project in Tanzania, receipt and technical review of assay results following the completed diamond drill programme.

Australia:

–  For the Victoria Goldfield’s project in Victoria, Australia, exploration field updates and the receipt and review of assay results from a diamond drill programme. Also, progression of the listing process for the project holding company, New Ballarat Gold Corporation plc, and administrative matters related thereto.

–  Findings from the field reconnaissance site visits currently underway for the Wallal Project in Western Australia and Selta Project in the Northern Territory.  In addition, findings from in-depth desktop reviews of the Ripon Hills and Braeside West projects in Western Australia. Also, progression of the listing process for the projects holding company, First Development Resources Limited, and administrative matters related thereto.

As a result, the December 2019 Warrants held by Paul Johnson (Chief Executive Officer of Power Metal) and Ed Shaw (Non-executive Director of Power Metal) could not be exercised by the expiry date of 17 March 2022 and may be extended under the warrant instrument, as outlined below.

Under the December 2019 Warrant instrument clause 2.3 provides that should any December 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 and Ed Shaw to exercise the December 2019 warrants.

Reflecting the above the Company has extended the Insider Warrants expiry date by three months to a new expiry date of 17 June 2022.