Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce that at its Annual General Meeting (‘AGM’) held today, all resolutions were duly passed by the Company's shareholders.
In light of the Covid-19 pandemic and the difficulty for shareholders wishing to attend the meeting, the Chairman elected to move straight to a poll to reflect all proxy votes received for the AGM. Click here to view the proxy votes received, detailed by resolution (PDF).
At the AGM Paul Johnson, Chief Executive Officer, made the following statement:
“I would like to thank our shareholders for their support and engagement over the last year, which has been a turbulent period in financial markets, particularly with the disruption of late caused by the Covid-19 pandemic.
Our primary objective is to make large scale metal discoveries that can see a significant revaluation in the value of the Company, potentially changing the lives of shareholders through a material uplift in the value of their investment in POW.
As CEO I have 6.08% of the issued share capital of POW and have invested just short of £130,000 of personal cash through participation in placings and on market share purchases. In total the Board of POW hold approximately 10.6%% of its issued share capital, a proper commitment to align the Board with shareholders.
The Board also have options with an exercise price of 1.0p which is a 122% premium to the share price of the Company on market close yesterday. However, these options only activate when POW shares trade at a volume weighted average price of 1.5p for 5 consecutive days, and that activation hurdle is a 233% premium to the share price. Again, this is a clear alignment of the Board with shareholder interests.
The large-scale metal discoveries we seek depend on a portfolio of substance containing projects of sufficient technical merit to justify the exploration spend that may generate a discovery. At POW we have been building our portfolio during 2019 and 2020, which has been a challenging period for our sector. Market turbulence however yields opportunity and we have seized that with highly strategic acquisitions and corporate developments that may not have been possible during more buoyant market conditions.
The most recent development has been our 49.9% held gold Joint Venture in Australia where we have secured a 1,835 sq km land package of ten licence applications in the heart of the Victoria Goldfields. In a short time horizon we have become a major participant in one of the most sought after gold exploration territories in the world.
In Africa we have through our work identified a 6.8km copper anomaly in The Democratic Republic of the Congo at our Kisinka Project and we are actively exploring that project at present. We also have interests in drill ready exploration projects in Botswana and Tanzania targeting large scale nickel-copper-platinum group metal deposits.
We have some corporate development work to conclude with the Alamo Gold project in Arizona, USA and the Ditau Project in Botswana which are both under due diligence and we still have a pipeline of new opportunities feeding into the Company.
It is fair to say however that our corporate acquisition work is slowing as we turn to more intensive exploration of our existing portfolio to seek out that major discovery.
To maximise the chance of discovery we are focused on working with experienced in-country teams who have a robust local knowledge base to ensure we focus on the highest profile target areas and work in a cost and operationally efficient manner.
Turning back to shareholders POW will continue to strive to the build the value of your investment and as we venture along the pathway toward our targeted discovery, we would welcome your feedback.
Please feel free to contact us on email@example.com and if you wish to review the latest developments in the business these are captured in our newly updated corporate presentation which may be viewed through the following link:
PROXY VOTES BY RESOLUTION
19 June 2020