Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company is pleased to announce that it has raised £1,000,000 through a subscription (the "Financing") to support strategic expansion of exploration activities and commercialisation of selected project interests.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“The £1 million raised today, when added to our existing material working capital, changes the dynamic for Power Metal, enabling us to boldly go forward and invest strongly in the avenues we anticipate can create real value for the Company and its shareholders.
We raised at the market price, which is notable, as the protection of existing shareholders is important to us. Moreover, board members have invested £150,625 in the Financing standing alongside our shareholders to demonstrate belief in the vision we have for the Company.
Our strategic aims underlying that vision are clear. We are aiming for a major discovery or discoveries in our portfolio of projects, not an easy feat but possible with the support of shareholders and new investors in the manner we have seen today. However, being reliant on the market for finance is not enough and is perhaps the one area that makes junior resource companies vulnerable. So, another strategic aim is to strengthen our working capital rapidly by crystallising value from some of our interests and building our Company ‘balance sheet’. By doing so we are aiming for financial self-sufficiency, another challenging target but one we are striving for in earnest.
We aim to do things differently, to surprise the market with innovation and a level of driven determination rarely matched by our peers.”
Full details of:
can be seen by downloading the PDF version of this RNS release by clicking on the link below.
6 July 2020