Power Metal Resources #POW raises a further £295,769 from warrant exercises
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.
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:
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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 |
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 and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
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.
Alan Green discusses Coinsilium #COIN on his StockBox Media Research Talks
Alan Green discusses Coinsilium #COIN on his StockBox Media Research Talks
Tertiary Minerals #TYM – New website and new logo
Tertiary Minerals plc, the AIM-traded mineral exploration and development company, is pleased to advise that it has redesigned and relaunched its website to improve appearance and to increase functionality across a wider range of platforms.
The website address is unchanged and Company email addresses are unaffected.
For more information please contact:
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Tertiary Minerals plc Patrick Cheetham, Chairman
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Tel: +44 (0)1625 838 679 |
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S P Angel Corporate Finance LLP Nominated Adviser & Broker Richard Morrison/Caroline Rowe
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Tel: +44 (0)203 470 0470 |
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Peterhouse Capital Limited Joint Broker Lucy Williams/Duncan Vasey
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Tel: +44(0)207 469 0930 |
Note to Editors:
Tertiary Minerals plc (ticker symbol ‘TYM’) is an AIM-traded mineral exploration and development company building a multi-commodity project portfolio.
Iron ore price leaps into 2021 – Mining Dot Com
Iron ore prices started the new year with a bang on Monday as unprecedented demand from China counteracted government calls for sharp cuts in the country’s steel output.
According to Fastmarkets MB, benchmark 62% Fe fines imported into Northern China (CFR Qingdao) were changing hands for $165.29 a tonne on Monday, up 3% on the day. In December, the steelmaking raw material hit its highest level since September 2011 after gaining nearly 80% during the year.
“Impact from the pandemic (on iron ore) was not as pessimistic as the market expected,” Zhuo Guiqiu, analyst with Jinrui Capital told Reuters: “The big jump came after Vale lowered its shipments expectations and a robust Chinese steel demand in the fourth quarter.”
China is expected to have forged more than 1 billion tonnes of crude steel in 2020 and imports of iron ore are also running at record levels of more than 1 billion tonnes per annum.
Link to Mining.com to view the full article
Alan Green discusses ESG and renewables, plus British Honey Co #BHC, Open Orphan #ORPH & Itaconix #ITX on UK Investor Magazine podcast
Alan Green discusses ESG and renewables, plus British Honey Co #BHC, Open Orphan #ORPH & Itaconix #ITX with Jonathan Roy on the UK Investor Magazine podcast
Power Metal Resources #POW – Business Financial Review and Warrant Update
Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to announce a business financial review and warrant update for shareholders.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“Power Metal has multiple exploration programmes underway alongside significant corporate activities in and around certain of our projects.
Given the extent of our activities I would like shareholders to also know that your Company is in a strong financial position and is well funded to complete all its currently planned exploration work, including drilling programmes underway at present.
Moreover, after the current programme of extensive exploration activities to 31 March 2021 are complete and paid for, the Company will still have significant financial resources and remain in a strong position. This is further explained below with information regarding where we are with business operations, key financial exploration commitments and our underlying financial position.
In addition, I would draw shareholders attention to the “Warrant Update” section below which confirms Power Metal has successfully exceeded the price hurdle to enable acceleration of certain warrants. Recognising Power Metal’s strong financial position we consider there is no requirement to exercise any right to accelerate warrants at this time.
Finally, the Company notes that in the Final Results for the year ended 30 September 2019 (announced 20 May 2020) reference was made to a planned fundraising in November 2020. Given the £1 million raised in July 2020 and the receipt of warrant exercise monies since August, there was no need to undertake a fundraising in November 2020.”
BUSINESS AND FINANCIAL REVIEW
Power Metal’s working capital position as at 12 January 2021 was circa £2.72 million including Pounds Sterling, US Dollars, Australian Dollars and Canadian Dollars and the current value of the Company’s listed investments. Power Metal has no debt, and all trade creditor invoices received by 12 January 2021 have been deducted from the working capital figure above.
The Company’s anticipated exploration and corporate spending for the period to 31 March 2021 is currently estimated at circa £0.6 million and as a result following the completion of the period to 31 March 2021 the Company expects to still hold a robust working capital position.
The table below provides a further breakdown of the current operational and the cash funding position of each project in the Power Metal portfolio. For specific larger expenditure items we provide information of the cash commitments expected in the period to 31.3.21.
The inclusion of the table below is designed to increase transparency and detailed disclosure for shareholders enabling a fuller understanding of the cash requirements of the business in the coming months and helping to validate the strength of the Company’s underlying financial position as outlined above.
The assumptions underlying ongoing exploration and corporate costs are subject to change and are provided for guidance only.
Furthermore, should there be additional receipts of warrant monies the Company would be in an increasingly strong financial position and able to further accelerate project activities if deemed appropriate.
Table: Power Metal Detailed 2021 Project Operational and Financial Breakdown:
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PROJECT |
EXPLORATION FOCUS |
POW INTEREST |
OPERATIONAL POSITION
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PROJECT FINANCIAL INFORMATION(Cash Costs) |
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AUSTRALIA Victoria Goldfields JV with Red Rock Resources plc (LON:RRR)
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Gold |
49.9% |
13 licence applications covering a footprint of 2,336 km2.. Prepared 11 historic project reports including exploration planning and a National Instrument NI 43-101 technical report covering 8 applications. Awaiting initial licence grants for 3 priority licence applications (EL007271/7281/7285) and progressing potential listing plans on a North American stock exchange and other possible joint venture initiatives. |
Power Metal has paid in full all contributory costs into the Joint Venture (“JV”) to date. In the period to 31.3.21 we have provided for general cash costs to run the JV Ballarat office and for a step up in exploration activities in Q1 2021 subject to the receipt of granted licences. |
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BOTSWANA Ditau Camp Project SJV with Kavango Resources plc (LON:KAV)
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Rare Earths |
50% |
2 licences (1,386km2) with Rare earths potential established from recent exploration work. First stage orientation work complete and follow up work announced 4.1.21. |
Power Metal has made advance payments of US$150,000 to cover its 2-year sole exploration commitment under the strategic joint venture (“SJV”) agreement ahead of schedule. Power Metal has also paid its £10,000 initial contribution to corporate restructuring costs for the SJV, with the intention of initiating the process for a potential listing of the SJV in 2021. |
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BOTSWANA Kalahari Copper Belt Project (SJV with Kavango Resources plc (LON:KAV)
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Copper Silver |
50% |
2 licences (1,294km2 ) directly to the southwest of Sandfire Resources’ T3 and A4 Dome copper-silver discoveries. Soil sampling programme underway with initial samples identifying zinc pathfinder in x-ray fluorescence (“XRF”) analysis. Follow up work announced 23.12.20. |
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BOTSWANA Molopo Farms Complex Project
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Nickel Copper PGMs |
Up to 50.96% |
3 licences (1,780km2) with multiple targets identified from electromagnetic survey and ground geophysics. Drilling of four high profile targets underway with two holes complete and extensive technical analysis underway. Thick ultramafic zones have been intersected and in hole KKME 1-6 visible sulphides have been identified as announced 11.1.21. |
Power Metal is spending US$500,000 to earn into a 40% direct project ownership which along with its 18.26% project holding company interest, will give a 50.96% effective economic project interest to Power Metal. To date circa US$292,641 has been paid with a further US$207,359 (circa £151,952) included in cash costs to 31.3.21. |
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CAMEROON Cobalt Blue Project
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Cobalt Nickel |
100% |
4 licences adjacent to, or within 50km of the Nkamouna/Nada cobalt/nickel deposit. Review of exploration and commercialisation options reaching an advanced stage. |
Further update to follow regarding the Company’s plans and financial commitment. |
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CANADA Silver Peak Project
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Silver
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Earn -in to 30% |
Mineral claims over historical Eureka-Victoria Silver Mine and high grade, intrusion related, polymetallic Ag-Pb-Zn-Cu veins. Summer 2020 channel sample programme included a delineated bonanza grade silver up to 0.50m @ 14,937 g/t Ag, 3.05 % Cu & 11.95 % Pb. In November, drill hole SP2020-01intersected a rubbly vein zone between 1.52m to 1.83m which assayed 0.31m @ 5,270 g/t (169.5 troy oz/tonne) silver as announced 29.12.20. Planned recommencement of drilling in Spring 2021.
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As part of the earn-in to 30% Power Metal has committed to cover CAD$250,000 on exploration in the period to September 2021. To date CAD $141,048 has been paid covering expected spend to 31.3.21 and leaving CAD$108,952 remaining later in 2021. |
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THE DEMOCRATIC REPUBLIC OF THE CONGO Kisinka Project
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Copper Cobalt |
70% |
Exploration licence of 41 carrés miniers (each 84.95 ha) with a 6.8km copper/cobalt anomaly identified. Geophysics programme launched in late 2020 (as announced 15.12.20) and finalising the conversion of the licence to a Permis d’Exploitation (production license) with a 25-year life. |
Advance payments made to cover geophysical programme costs. Further costs of circa US$30,000 are expected in the period to 31.3.21. |
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TANZANIA Haneti Project JV with Katoro Gold plc (LON:KAT)
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Nickel Copper Platinum Group Metals (‘PGM’) Gold etc |
35% |
Large polymetallic land package of c.5,000 km2 including 80km long ultramafic complex with drill ready nickel sulphide/PGM targets. Currently undertaking Rotary Air Blast drill programme at Haneti (as announced 30.12.20). |
Power Metals has already made advance payments towards maiden drill programme costs. Balancing Power Metal drill costs are expected to be circa US$55,000 in the period to 31.3.21. |
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USA Alamo Gold Project
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Gold |
Earn-in up to 75% |
Package of mining claims covering c.946 acres prospective for gold following the discovery of native gold nuggets near surface. Follow on work underway (as announced 11.12.20 and after completion of the reconnaissance survey in summer 2020) with further update to market expected shortly. |
Power Metal has committed to minimum exploration spend in the 12 months to July 2021 of US$100,000, of which US$50,000 has been paid and a further US$50,000 is expected in the period to 31.3.21. In addition, a further US$25,000 of property payments to the vendor were made in December 2020 in accordance with the earn-in commitment. |
WARRANT UPDATE
On 10 December 2019 Power Metal announced an Equity Placing and Subscription which included the grant of 175,000,000 warrants exercisable at a price of at 0.70p per new ordinary share of 0.1 pence each in the Company with an exercise period ending on 10 December 2021, (the “Financing Warrants”).
The Financing Warrants were subject to an acceleration clause whereby should the volume weighted average share price (“VWAP”) exceed 2.25p for 10 consecutive trading days, the Company may write to warrant holders providing 10 working days’ notice of accelerated exercise, with 15 working days thereafter for payment.
The Company can confirm that in the 10 consecutive trading day period of 24 December 2020 to 11 January 2021 the Power Metal VWAP exceeded 2.25p and therefore the Company has the right to accelerate any unexercised Financing Warrants.
For the avoidance of doubt Power Metal is not at this time proposing to utilise the above acceleration clause.
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:
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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 |
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 and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently the subject of drill programmes.
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.
Power Metal Resources #POW raises a further £79,956 from warrant exercises
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 7,995,600 new ordinary shares of 0.1 pence each in the Company.
The Warrant Shares are being issued pursuant to the exercise of 7,995,600 warrants at an exercise price of 1.0 pence per ordinary share of 0.1 pence each in the Company.
Subscription monies of £79,956 have been received by Power Metal in respect of these exercises.
ADMISSION AND TOTAL VOTING RIGHTS
Application will be made for the 7,995,600 Warrant Shares to be admitted to trading on AIM which is expected to occur on or around 19 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 1,021,431,468 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.
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 |
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 and strategic metal exploration in Africa. Project interests range from early stage greenfield exploration to later stage prospects currently subject to drill programmes.
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.
ECR Minerals #ECR raises £119,144 from warrants exercised
ECR Minerals plc (LON: ECR), the gold exploration and development company focussed on Australia, announces it has received notice to exercise warrants over 8,967,746 new ordinary shares in the Company. Of this number, 7,095,237 new ordinary shares are being issued pursuant to the exercise of warrants at 1.125p per share, and 1,872,609 new ordinary shares pursuant to the exercise of warrants at 2.1p per share. Aggregate subscription monies of £119,144.11 have been received by ECR in respect of the exercise of these warrants.
Admission of the Warrant Shares to trading on AIM is expected to occur on or around 15 January 2021. Upon Admission, ECR’s issued ordinary share capital will comprise 693,477,602 ordinary shares of 0.001p. This number will represent the total voting rights in the Company, and, following admission of the Warrant Shares, 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. The Warrant Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.
MARKET ABUSE REGULATIONS (EU) No. 596/2014
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (MAR). Upon the publication of this announcement via Regulatory Information Service (RIS), this inside information is now considered to be in the public domain.
FOR FURTHER INFORMATION, PLEASE CONTACT:
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ECR Minerals plc |
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Tel: +44 (0)20 7929 1010 |
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David Tang, Non-Executive Chairman |
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Craig Brown, Director & CEO |
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Email: |
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Website: www.ecrminerals.com |
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WH Ireland Ltd |
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Tel: +44 (0)161 832 2174 |
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Nominated Adviser |
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Katy Mitchell/James Sinclair-Ford |
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SI Capital Ltd |
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Tel: +44 (0)1483 413500 |
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Broker |
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Nick Emerson |
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ABOUT ECR MINERALS PLC
ECR is a mineral exploration and development company. ECR’s wholly owned Australian subsidiary Mercator Gold Australia Pty Ltd has 100% ownership of the Bailieston and Creswick gold projects in central Victoria, Australia.
Following the sale of the Avoca, Moormbool and Timor gold projects in Victoria, Australia to Fosterville South Exploration Ltd (TSX-V: FSX), ECR has the right to receive up to A$2 million in payments subject to future resource estimation or production at those projects.
ECR has earned a 25% interest in the Danglay gold project, an advanced exploration project located in a prolific gold and copper mining district in the north of the Philippines, and holds a royalty on the SLM gold project in La Rioja Province, Argentina.
Proactive’s Andrew Scott talks to ECR Minerals #ECR CEO Craig Brown
ECR Minerals’ (LON:ECR) Craig Brown caught up with Proactive’s Andrew Scott following the news their newly acquired drill rig, Midas, is now in operation at its inaugural drill site at the Bailieston Project in Victoria, Australia. It’s the first of a number of drill locations which will be coordinated from ECR’s central exploration facility compound in the Victoria Goldfields. Brown says the work will be funded from ECR’s existing cash resources, which amount to around £2.95 million.
Cadence Minerals #KDNC raises £25,500 in warrant exercises
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) announce that, it has received warrant exercise notices to subscribe for 300,000 new ordinary shares in the Company at an exercise price of 8.5 pence per share. Subscription monies of £25,500 have been received by the Company in respect of the exercise of these warrants.
Application will be made for the Warrant Shares to be admitted to trading on AIM of London Stock Exchange plc and to and the AQSE Growth Market operated by Aquis Exchange Plc.
Admission is expected to occur on or around 19 January 2021. Upon Admission, the Company will have 148,349,098 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 148,349,098 and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.
– Ends –
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
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For further information:
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Cadence Minerals plc |
+44 (0) 7879 584153 |
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Andrew Suckling |
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Kiran Morzaria |
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WH Ireland Limited (NOMAD & Broker) |
+44 (0) 207 220 1666 |
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James Joyce |
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James Sinclair-Ford |
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Novum Securities Limited (Joint Broker) |
+44 (0) 207 399 9400 |
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Jon Belliss |
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