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On 1 April 2022, Power Metal Resources plc issued a total of 10 million Non-executive Director Options ("NED Options") following shareholder approval at the Annual General Meeting held on 30 March 2022. Interim Non-executive Chairman Scott Richardson Brown and Non-executive Director Edmund Shaw each received 5 million NED Options. These options carry an exercise price of 3.25p, an expiry date of 4 June 2024, and are subject to a performance condition requiring the volume weighted average share price to exceed 5p for ten consecutive trading days.
| Date | 1 Apr 2022 |
| Time | 15:40:44 |
| Category | Director/PDMR dealings |
| ID | 0243H |
01 April 2022
Power Metal Resources plc
("Power Metal" or the "Company")
Issue of Non-executive Director Options
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces an issue of Non-executive Director Options ("NED Options").
The NED Options were originally announced by the Company on 4 June 2021, and this announcement may be viewed through the link below:
The proposed issue of the NED Options was subject to approval of shareholders at the next available General Meeting, which was the Annual General Meeting ("AGM") held on 30 March 2022.
Following shareholder approval at the AGM, the Company has today issued 5 million NED Options each to Scott Richardson Brown (Interim Non-executive Chairman) and Edmund Shaw (Non-executive Director). In total 10 million NED Options have been issued.
Each NED Option carries the right to acquire a new ordinary share in the Company of 0.1p each. The NED Options carry the following terms:
Exercise Price: 3.25p
Expiry Date: 4 June 2024
Share Price Performance Condition: That the NED Options cannot be exercised until the volume weighted average share price of the Company has exceeded 5p for ten consecutive trading days.
PDMR Disclosure
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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1. Scott Richardson Brown
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2
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Reason for the notification
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a)
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Position/status
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1. Non-executive Chairman
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b)
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Initial notification /Amendment
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Initial Notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Power Metal Resources Plc
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b)
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LEI
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213800VNXOUPHTX53686 |
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4
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Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
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Description of the financial instrument, type of instrument |
ordinary shares of 0.1p each |
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Identification code |
ISIN: GB00BYWJZ743 |
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b)
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Nature of the transaction
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1. Issue of Options
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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3.25p
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5,000,000
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d)
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Aggregated information |
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- Aggregated volume |
5,000,000 |
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- Price |
3.25p |
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e)
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Date of the transaction
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1 April 2021 |
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f)
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Place of the transaction
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Off market |
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1
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Details of the person discharging managerial responsibilities / person closely associated
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a)
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Name
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1. Edmund Shaw
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2
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Reason for the notification
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a)
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Position/status
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1 Non-executive Director
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b)
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Initial notification /Amendment
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Initial Notification |
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3
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Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
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Name
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Power Metal Resources Plc
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b)
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LEI
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213800VNXOUPHTX53686 |
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4
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Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
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Description of the financial instrument, type of instrument |
ordinary shares of 0.1p each |
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Identification code |
ISIN: GB00BYWJZ743 |
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b)
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Nature of the transaction
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1. Issue of Options
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c)
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Price(s) and volume(s) |
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Price(s) |
Volume(s) |
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3.25p
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5,000,000
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d)
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Aggregated information |
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- Aggregated volume |
5,000,000 |
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- Price |
3.25p |
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e)
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Date of the transaction
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1 April 2022 |
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f)
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Place of the transaction
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Off market |
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For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Paul Johnson (Chief Executive Officer) |
+44 (0) 7766 465 617 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway, with results awaited, as outlined below:
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Project |
Location |
POW % |
Work Completed or Underway |
Results Awaited |
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Alamo Gold Project |
USA |
Earn-in to 75% |
Excavation of multiple test pits and mapping & sampling. |
Field and assay results from on-site work programme. |
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Athabasca Uranium |
Canada |
100% |
Data compilation across uranium properties |
Interpretation results from 2 of 7 properties. |
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Authier North Lithium |
Canada |
Earn-in to 100% |
Soil & rock sampling completed |
Technical Review of exploration results & define next exploration steps. |
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Ditau Project |
Botswana |
50% |
Drill programme focused on key targets notably drilling of potential carbonatites and targeting rare-earth elements. |
Field updates and receipt & review of laboratory assay results. |
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Kalahari Copper Belt |
Botswana |
50% |
Exploration programme underway across the South Ghanzi Project and further exploration at the more recently acquired South Ghanzi Extension and Mamuno licence areas |
Field programme findings and defined drill targets for near term drilling. |
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Molopo Farms |
Botswana |
53% |
Review of recent exploration findings. |
Determine next exploration steps and action plan. |
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Haneti Project |
Tanzania |
35% |
Diamond drill programme completed |
Receipt & review of laboratory assay results. |
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Victoria Goldfields |
Australia |
49.9% |
Diamond drill programme underway
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Field updates and receipt & review of laboratory assay results. |
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Paterson Projects |
Australia |
83.33% |
Wallal passive seismic and 2D seismic processing work programme completed. Review of historical data and target generation for Ripon Hills & Braeside West projects.
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Findings from multiple work programmes including final approvals and preparations for planned deep diamond drilling. |
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Selta Project |
Australia |
83.33% |
Field reconnaissance work now underway, including mapping and sampling. |
Field updates. |