Director interest in share capital

Power Metal Resources plc (LON:POW) the AIM listed metals exploration and development company announces a clarification regarding the interests of Iain Macpherson, a former Non-executive Director, in the ordinary share capital of the Company.

It has come to the attention of the Board of POW that Onzega Mining (“Onzega”), a company in which Mr Macpherson had a 37.5% economic interest on 8 March 2018, then held 38,168,052 ordinary shares of 0.001 pence each in the share capital of POW. On 8 March 2018, these shares were pledged by Onzega, at which time the shares had a market value of £20,229, based on the closing mid-market price of 0.053 pence per ordinary share on 7 March 2018.

For the avoidance of doubt upon leaving the board as announced on 3 September 2020 Mr Macpherson had the following interests in the ordinary share capital of the Company

2,056,664 ordinary shares of 0.1 pence each
5,000,000 share options (1.0p exercise price, 1.5p hurdle before exercise, expiry 19/02/2023)
16,667 share options (20p exercise price, expiry 13/10/21) #
16,667 share options (30p exercise price, expiry 13/10/21) #
16,666 share options (40p exercise price, expiry 13/10/21) #

# These share options are held by Ongeza, a wholly owned subsidiary of Madini Minerals in which Iain Macpherson has a 37.5% economic interest.

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9 September 2020