#POW Power Metal Resources – Additional Financing Raising £280,000

Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces it has completed a further placing of £280,000 with a single new investor in the Company.

Together with the £800,000 fundraise announced earlier today, the additional placing of £280,000 brings the total raised to £1,080,000 before expenses.

Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented: 

“Power Metal welcomes the additional amount raised  of a further £280,000 notably through a single investor, a client of our broker First Equity Limited.

This additional amount will provide Power Metal yet greater financial firepower as we embark upon what I consider to be one of the most important phases in our corporate history.”

FINANCING FURTHER INFORMATION

– The Company has raised £280,000 before expenses through the issue of 20,000,000 new ordinary shares of 0.1p each in the Company (the “Financing Shares”) at an issue price of 1.4p per share, the closing market bid price on 2 September 2022.

– Each Financing Share has an attaching warrant to subscribe for one new ordinary share of 0.1p each (“Ordinary Share”) at an exercise price of 2.0p with a 12-month term from 19 September 2022 (“Financing Warrant”) creating 20,000,000 Financing Warrants.

– Should the Power Metal share price exceed a volume weighted average share price of 10p for five trading days Power Metal may issue a written notice to the Financing Warrant holder providing ten trading days to exercise the Financing Warrants and ten further trading days to make payment of exercise monies or the Financing Warrants may be cancelled.

– The Financing was undertaken by the Company’s joint broker First Equity Limited.  Power Metal has issued First Equity Limited with 2,000,000 warrants to subscribe for new Ordinary Shares on the same terms as the Financing Warrants.

ADMISSION AND TOTAL VOTING RIGHTS

Application will be made for the 20,000,000 Financing Shares to be admitted to trading on AIM which is expected to occur on or around 19 September 2022 (“Admission”). The Financing 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 1,614,654,921 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.

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.

For further information please visit https://www.powermetalresources.com/ or contact: