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

 
 
 

Power Metal Resources plc
201 Temple Chambers
3-7 Temple Avenue
London EC4Y 0DT
United Kingdom

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