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 33,787,504 new ordinary shares of 0.1 pence each in the Company ("Warrant Shares").
The Warrant Shares are being issued pursuant to the exercise of 16,945,400 warrants at an exercise price of 1.0 pence per ordinary share of 0.1 pence each in the Company and the exercise of 16,842,104 warrants at an exercise price of 0.75 pence per ordinary share of 0.1 pence each in the Company.
Subscription monies of £295,769 have been received by Power Metal in respect of these exercises.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“Warrant exercises since August 2020 have generated approaching £2.3 million of incoming cash which is transformational to the underlying working capital position of Power Metal and puts the Company in a strong position.
With this incoming cash we are able to continue our proactive exploration and corporate activity across our current project portfolio.
In addition, we now have the financial strength to consider new additional opportunities subject to the usual engagement hurdles that any incoming projects must be of potential strategic significance to the Company and must not overstretch Power Metal’s financial and managerial capability.”
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 33,787,504 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 22 January 2021 ("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 1,055,218,972 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 January 2021