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.
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director’s share dealing.
|1||Details of the person discharging managerial responsibilities / person closely associated|
|2||Reason for the notification|
|b)||Initial notification /Amendment||Initial Notification|
|3||Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor|
|a)||Name||Power Metal Resources Plc|
|4||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|
|a)||Description of the financial instrument, type of instrument||ordinary shares of 0.001p each|
|Identification code||ISIN: GB00BYWJZ743|
|b)||Nature of the transaction||Pledge of shares|
|c)||Price(s) and volume(s)|
|– Aggregated volume||38,168,052|
|– Price||0.053 pence|
|e)||Date of the transaction||07 March 2018|
|f)||Place of the transaction||Outside a trading venue|
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No.596/2014 and is disclosed in accordance with the Company’s obligations under Article 17 of those Regulations.
For further information please visit https://www.powermetalresources.com/ or contact:
|Power Metal Resources plc|
|Paul Johnson (Chief Executive Officer)||+44 (0) 7766 465 617|
|SP Angel Corporate Finance (Nomad and Joint Broker)|
|Ewan Leggat/Charlie Bouverat||+44 (0) 20 3470 0470|
|SI Capital Limited (Joint Broker)|
|Nick Emerson||+44 (0) 1483 413 500|
|First Equity Limited (Joint Broker)|
|David Cockbill/Jason Robertson||+44 (0) 20 7330 1883|
NOTES TO EDITORS
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration and development company seeking a large scale metal discovery.
The Company has a global portfolio of project interests including precious metal exploration in North America and Australia together with base metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage drill ready prospects.
The Board and its team of advisors have expertise in project generation, exploration and development and have identified an opportunity to utilise the Company’s position to become a leader in the London market for investors wishing to gain exposure to proactive global metals exploration.