Power Metal Resources plc (LON:POW) the AIM listed African focused metals exploration and development company is pleased to announce the payment of certain cash fees through an issue of equity at a price of 0.55p per share.
The fees payable amount to a cash value £53,900.00 and will now be satisfied through the issue of 9,800,000 New Ordinary Shares of 0.1 pence each (the “Fee Shares”) at an issue price of 0.55p per Fee Share.
The services provided relate to business administration and marketing support, including various services provided in the rebranding of the organisation to Power Metal Resources and the steps taken to increase communications to raise awareness of the POW value proposition.
Business administration includes support provided to the management team in the transition from African Battery Metals to Power Metal Resources, general corporate advisory and various administration matters following the restructuring conducted in February 2019.
Marketing support includes new website development, creation of marketing materials including a new corporate presentation, social media management and development of a marketing and communications plan to underpin future POW communications.
Paul Johnson, Executive Director of Power Metal Resources plc commented: “I am pleased that various service providers, who have been integral to the rebranding and strategic development of the company and the renewal of energy in the Company’s marketing and communications work, have taken equity in settlement of cash invoices.
POW is at the beginning what I believe will be an exciting journey for investors. Market conditions generally are not exciting in the junior mining sector, and this is why I am determined to see that POW stands apart.
Despite turbulent global markets, POW has remained active with four ongoing project interests each of which is targeting a large-scale metal discovery. The recent rise in the price of nickel, a commodity which the Company is targeting, is particularly encouraging.
I anticipate a regular flow of news during the coming weeks and months as POW articulates key project development steps and as we move toward our primary strategic objective.”
ADMISSION OF SHARES AND TOTAL VOTING RIGHTS
Application will be made for the admission to trading of the Fee Shares which is expected to occur on or around 15 August 2019 (“Admission”). Following Admission of the Fee Shares, POW’s ordinary issued share capital will comprise 372,838,101 ordinary shares of 0.1 pence each. This number will represent the total voting rights in the Company, and following Admission, 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. The new shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
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.
9 August 2019