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On 3 October 2023, Power Metal Resources PLC agreed to issue 1,293,103 new ordinary shares at 0.725 pence per share to SP Angel Corporate Finance LLP in lieu of £9,375 in fees, and a further 2,068,965 shares to a professional services provider for £15,000 in fees. Application will be made for these total 3,362,068 Fee Shares to be admitted to AIM around 9 October 2023, after which the Company's issued share capital will comprise 2,083,468,324 ordinary shares.
| Date | 3 Oct 2023 |
| Time | 18:11:41 |
| Category | Capital structure |
| ID | 5872O |
3 October 2023
Power Metal Resources PLC
("Power Metal" or the "Company")
Issue of Equity
Power Metal Resources PLC (AIM:POW), the AIM listed metals exploration and development company, announces that it has today agreed to issue 1,293,103 new ordinary shares of 0.1 pence each in the Company at a price of 0.725 pence per share ("Fee Shares") to SP Angel Corporate Finance LLP, the Company's nominated adviser and joint broker, in lieu of fees incurred to the value of £9,375. A further 2,068,965 Fee Shares have been issued to a professional services provider in lieu of fees incurred to the value of £15,000.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for 3,362,068 Fee Shares to be admitted to trading on AIM which is expected to occur on or around 9 October 2023 ("Admission"). The Fee Shares will rank pari passu in all respects with the existing Ordinary Shares currently traded on AIM.
Following Admission, the Company's issued share capital will comprise 2,083,468,324 ordinary shares of 0.1 pence 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.
For further information please visit https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
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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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BlytheRay (PR Advisors) |
+44 (0) 20 7138 3204 |
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Tim Blythe |
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Megan Ray |
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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.
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 grow the Company, or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.