Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce it has received notices to exercise warrants over 43,000,000 new ordinary shares of 0.1 pence each in the Company ("Warrant Shares").
The Warrant Shares are being issued pursuant to the exercise of 43,000,000 warrants at an exercise price of 0.7 pence per ordinary share of 0.1 pence each in the Company.
Subscription monies of £301,000 have been received by Power Metal in respect of the above warrant exercises.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented: “With this announcement today Power Metal has now received over £1.2 million from warrant exercises since August 2020.
Today with the exercise monies received, the Company’s working capital of cash and listed investments exceeded £2 million putting Power Metal Resources in a robust financial position as we approach the calendar year end.
Power Metal is currently on track or ahead of all corporate and exploration programme costs and has no debt. As we enter 2021 our strong financial position will enable us to keep extensive exploration activities running across the Company.
In addition, as announced the Company is working on corporate activities around a number of its projects with a view to providing shareholders with regular news flow in 2021.”
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 43,000,000 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 22 December 2020 ("Admission"). The Warrant Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
Following Admission, the Company's issued share capital will comprise 934,759,342 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and 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.
15 December 2020