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#POW Power Metal Resources – Conditional Disposal of Kanye Resources Interests

Power Metal Resources plc (LON:POW),  the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the conditional disposal of its 50% interest in the Kanye Resources Joint Venture which is comprised of Kanye Resources Pty Limited a Botswana private company and Kanye Resources PLC a UK company, (“Kanye Resources JV” or “Kanye JV”) to JV partner Kavango Resources PLC (LON:KAV)(“Kavango”) (the “Transaction”).

 

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

“Power Metal today announces a further step to crystallise value from its expansive project portfolio – through the disposal of our interest in the Kanye Resources JV back to partner Kavango.

“The crystallisation of value from various Power Metal interests is a process we expect to continue. In doing so, we increase the financial strength of the Company which will allow us to build a valuable and diverse portfolio of financial assets focused on the natural resource sector.

“Importantly, streamlining of the Company in this way allows us to focus our time and financial resources on a more targeted exploration portfolio.

“Our joint venture partnership with Kavango has continued for two years.  In this time they have become, in our view, a Botswana junior resource powerhouse and with this transaction will see 100% ownership of their Botswana portfolio restored.

“The work to date on projects within the Kanye JV has demonstrated the potential for major metal discoveries and if successful, the value of our greatly expanded equity holding of Kavango will likely appreciate significantly. Additionally, as a result of this transaction, we gain further exposure to the upside potential of their work on the KSZ project where the exploration findings are increasingly of interest.

“Power Metal’s journey with Kavango continues, however now as a strategic investor rather than JV partner.  I look forward to ongoing news flow from Kavango and on behalf of all at Power Metal, wish the Kavango team well on their exciting exploration endeavours.”

 

Transaction Highlights:

Subject to the publication of a new prospectus1 by Kavango including provision for this Transaction,  Kavango will acquire all Power Metal interests in the Kanye JV for the following consideration:

–  The issue to Power Metal of 60 million new ordinary shares of Kavango (Share Value of £1,200,000 using the closing price of 2p of Kavango shares on 07-07-2022) (“Consideration Shares”). The Consideration Shares will be subject to a lock-in agreement whereby they may not be sold within 12 months of today’s date without Kavango approval.

–  The issue to Power Metal of 60 million warrants to subscribe for new Kavango ordinary shares with a 30 month life to expiry from today’s date (30 million at an exercise price of 4.25p and 30 million at an exercise price of 5.5p) (“Consideration Warrants”).

–  The issue to Power Metal of 15 million variable price warrants (“VP Warrants”) with a six month life to expiry from today’s date, with a minimum exercise price of 3p and an actual exercise price at a 15% discount to the volume weighted average share price on the date of exercise. Should all VP Warrants be exercised within 6 months, Power Metal will receive 15 million replacement warrants, on the same exercise terms and with a 12 month life to expiry from issue date (“Super VP Warrants”).

–  Power Metal will receive a 1% Net Smelter Return (“NSR”) royalty across all Kanye licence areas as at today’s date.  In the event that Kavango is able to secure, within two years of today’s date, a greater than 2% NSR or other royalty on any of the Kanye properties the total royalty above 2% would be split equally Power Metal/Kavango (e.g. a 3% NSR would see KAV/POW each receive a total 1.5% royalty).

 

–  In the event that Kavango sells all or part of Kanye for in excess of £7.5 million, Power Metal will be paid a proportion of the gross excess received by Kavango above £7.5 million (the “Sale Premium”).  The Sale Premium is 20% for 6 months from todays’ date, 15% (7-12 months), 10% (13-18 months) and 5% (19-24 months).

 

Further Information

The Kanye Resources JV holds ten prospecting licences covering 4,257km2 in the Kalahari Copper Belt and 1,386km2 of ground over two licences representing the Ditau Camp Project.

 

Power Metal holds a current book value of £1,030,291 in respect of its 50% interest in the Kanye Resources JV.

 

As at 31 March 2022 Power Metal held a book value of £836,487 in respect of its 50% interest in the Kanye Resources JV.  In the year ended 30 September 2021 Power Metal recorded an attributable loss of £80,010 in respect of its 50% interest in the Kanye Resources JV.

 

Power Metal currently holds 9.5 million Kavango shares and 4.75 million warrants to subscribe for new Kavango shares at an exercise price of 2.5p (expiry April 2023).  On completion of this Transaction and issue of the Consideration Shares Power Metal therefore expects to hold 69.5 million Kavango shares. 

Assuming the current published Kavango issued share capital (435,462,052 shares) is diluted only by the Consideration Shares (60,000,000 shares) the total Kavango issued share capital would total 495,462,052 shares. In this scenario and on the basis of Power Metal’s current Kavango shareholding, Power Metal would hold 14.03% of Kavango issued share capital.

Notes:

1 A Prospectus is required to cover the Kavango shares and warrants included as consideration in this transaction. The publication of the Prospectus requires submission to, and approval of, the UK Listing Authority (“UKLA”).  This submission is expected to take place shortly.  The timescale leading to publication of the prospectus is not definitive, however the Company expects this to by completed by early Q4 2022 at the latest. 

 

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:

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

#ECR ECR Minerals – Holding(s) in Company

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible)i

1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii :

ECR Minerals Plc

1b. Please indicate if the issuer is a non-UK issuer (please mark with an “X” if appropriate)

Non-UK issuer

2. Reason for the notification (please mark the appropriate box or boxes with an “X”)

An acquisition or disposal of voting rights

X

An acquisition or disposal of financial instruments

An event changing the breakdown of voting rights

Other (please specify)iii:

3. Details of person subject to the notification obligation iv

Name

Colin Braidwood

City and country of registered office (if applicable)

4. Full name of shareholder(s) (if different from 3.)v

Name

Colin Braidwood

City and country of registered office (if applicable)

5. Date on which the threshold was crossed or reached vi :

11/01/2022

6. Date on which issuer notified (DD/MM/YYYY):

11/01/2022

7. Total positions of person(s) subject to the notification obligation

% of voting rights attached to shares (total of 8. A)

% of voting rights through financial instruments
(total of 8.B 1 + 8.B 2)

Total of both in % (8.A + 8.B)

Total number of voting rights of issuervii

Resulting situation on the date on which threshold was crossed or reached

8.00%

N/A

8.00%

1,018,058,551

Position of previous notification (if

applicable)

7.02%

N/A

7.02%

1,018,058,551

8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii

A: Voting rights attached to shares

Class/type of
shares

ISIN code (if possible)

Number of voting rights ix

% of voting rights

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

Direct

(Art 9 of Directive 2004/109/EC) (DTR5.1)

Indirect

(Art 10 of Directive 2004/109/EC) (DTR5.2.1)

GB00BYYDKX57

81,515,151

8.00%

SUBTOTAL 8. A

81,515,151

8.00%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC (DTR5.3.1.1 (a))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Number of voting rights that may be acquired if the instrument is

exercised/converted.

% of voting rights

SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))

Type of financial instrument

Expiration
date x

Exercise/
Conversion Period xi

Physical or cash

settlement xii

Number of voting rights

% of voting rights

SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation (please mark the

applicable box with an “X”)

Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuerxiii

Full chain of controlled undertakings through which the voting rights and/or the
financial instruments are effectively held starting with the ultimate controlling natural person or legal entityxiv (please add additional rows as necessary)

Name xv

% of voting rights if it equals or is higher than the notifiable threshold

% of voting rights through financial instruments if it equals or is higher than the notifiable threshold

Total of both if it equals or is higher than the notifiable threshold

Colin Braidwood

8.00%

N/A

8.00%

10. In case of proxy voting, please identify:

Name of the proxy holder

The number and % of voting rights held

The date until which the voting rights will be held

11. Additional information xvi

Place of completion

United Kingdom

Date of completion

11 January 2022

 

Annex: Notification of major holdings (to be filed with the FCA only)

A: Identity of the person subject to the notification obligation

Full name (including legal form for legal entities)

Contact address (registered office for legal entities)

E-Mail

Phone number / Fax number

Other useful information

(at least legal representative for legal persons)

B: Identity of the notifier, if applicable

Full name

Contact address

E-Mail

Phone number / Fax number

Other useful information (e.g. functional relationship with the person or legal entity subject to the notification obligation)

C: Additional information

Please send the completed form together with this annex to the FCA at the following email

Andrew Hore – Quoted Micro 30 August 2021

 

aquis stock exchange

AQUIS STOCK EXCHANGE

Capital for Colleagues (CFCP) has sold its investment in Ecomerchant Natural Building Materials for £250,000, which is a 150% profit on the initial investment. There is a management buyout. An initial £100,000 will be received and the rest will be

paid over five years. The valuation is already reflected in the NAV of the group. Space software supplier Bright Ascension Ltd is raising a further £1m. Capital for Colleagues invested £250,000 in 2016 and

2017. The A shares acquired had preferential participation rights. Capital for Colleagues has retained the A shares and swapped the associated preferential rights for 50,000 ordinary shares valued at £1.75m. That is equivalent to a 2.6p a share uplift in NAV.

Cadence Minerals (KDNC) had cash of £1.39m at the end of June 2021. In the first half of 2021, there were realised gains of £423,000 and unrealised gains of £3.12m. Net assets are £25.2m. Cadence is reviewing its privately held assets.

Holiday resort developer Belvedere Leisure (BL03) has exercised its option to acquire Barnsoul caravan park via a joint venture with Apple Invest. The site occupancy has recovered to more than 90% in August. New lodges will commence construction during September and there should be 25 by the end of 2021. Landal Barnsoul will take over the management of the site at the beginning of 2022. More lodges will be added.ularly lithium assets in north Australia. The Amapa iron ore project is the main focus.

Sativa Wellness Inc (SWEL) has signed a distribution agreement with Germany-based Lexamed. This will help to build sales of the Goodbody CBD brand in Germany and nearby markets. Their joint venture company will be transferred to Lexamed.

Eight Capital Partners (ECP) has acquired €40m of secured bonds from a company controlled by its chairman Dominic White. They have been bought for par plus unpaid interest of €151,000 and payment is a vendor loan. After the cost of the loan, the net interest income will be €400,000. The bonds were issued by 1AF2, a subsidiary of The Avantgarde Group, an Italian fintech company. There is an equity linked element for the redemption payment. The maturity date is 30 June 2024. New capital will be raised to pay off the vendor loan.

Steve Xerri has taken a 4.81% stake in Oscillate (MUSH). DXS International (DXSP) chairman Bob Sutcliffe bought 10.156 shares at 12.8p each.

AIM

Rail and traffic software and consultancy services provider Tracsis (TRCS) has benefited from the easing of lockdown improving demand for the traffic data and events division. Group revenues for the year just ended have been upgraded from £49m to £50m. Cash will be better than expected at £25.4m.

CPP Group (CPP) is paying a 5p a share interim dividend. The personal protection and insurance products provider increased revenues from continuing operations by 10% to £66.4m despite the Covid-19 restrictions in the important Indian market. There was a small improvement in underlying pre-tax profit to £800,000. Cost cutting will help to improve profitability. There are 12.3 million Cash was £19.6m at the end of June 2021.

Ireland-based industrial property and offices investor Yew Grove REIT (LON: YEW) spent €900,000 on moving to the main Euronext market in Dublin, which was required by REIT regulations. The AIM quotation is being retained. After that additional cost the interim pre-tax profit before property gains was still €2.52m on revenues of €6m. NAV edged up to €1.0064 cents a share. Loan to value is 29.6%. The annual rent roll is €12.8m. Life sciences, government and multinationals account for 97% of this.

Building materials sector consolidator SigmaRoc (SRC) has completed the acquisition of Finland-based limestone supplier Nordkalk. Interim revenues, prior to the acquisition, increased from £54.5m to £84.8m and underlying pre-tax profit improved from £5.3m to £8.7m.

City of London Group (CIN) is raising £11.4m through a share subscription and up to £6.9m via an open offer at 60p a share. Warrants are also being issued that are exercisable at 69p a share. The cash will be used to finance the development of Recognise Bank and enable it to gain full authorisation to offer savings products. Recognise has already started to offer loans. The bank’s focus is small businesses. Further cash should be raised through the disposal of Milton Homes.

Science Group (SAG) has increased its stake in TP Group (TPG) to 23.2%.

MAIN MARKET

BATM (BVC) sparked a forecast upgrade when it published its interims. Both the biomedical and networking and cyber divisions are making strong progress. The latter’s revenues were flat after adjusting for the sale of the NGSoft business, but the launch of the Edgility will enable the division’s revenues to grow over the medium-term. The Biomedical division continues to benefit from demand for Covid-19 diagnostic products, but that should not mask the progress of the rest of the business. Shore Capital has increased its 2021 revenues forecast by 5% to $138m and pre-tax profit to $23m, including the $13m gain on the NGSoft disposal.

Tirupati Graphite (TGR) generated revenues of £1.12m in the year to March 2021, up from £794,000 the year before. That was despite the effect of Covid-19 restrictions.

Oxford Cannabinoid (OCTP) had £14.6m in the bank at the end of May 2021 and since then £1.15m has been spent on R&D.

NMCN (NMCN) Has agreed an extension to its £10m convertible bridging facility until 1 November. The annual report should be published before the end of September.

Andrew Hore

Ian Pollard: Countryside Properties – Average Selling Prices Broadly Flat

Countryside Props plc CSP Total completions in the first quarter from the 1st October to the 30th December rose by 28 % and the forward order book by 78%. The strong growth in completions was driven by a sharp increase in affordable homes, up 52%  and Private Rental Sector, up 66% . This was due to the acquisition of Westleigh. Broadly flat average selling prices  at £395,000  with a 1% to 2% underlying increase, is not the sort of news which the housebuilding industry, likes to hear.

Restaurant Group plc RTN opened a record number of new sites in 2018 but saw like for like sales fall by 2% and total sales rise by 1%. Since the World Cup however the Group has delivered like-for-like sales growth  and the Pubs business is continuing  consistently to trade ahead of the pub restaurant sector and the Concessions business has also traded strongly. The company describes the year as a pivotal one which is hardly matched by the sales figures..

Biome Technologies plc BIOM saw 2018 group revenues show a rise of 42% over 2017.. Over 2018, sales of the non-woven filter mesh for the US single serve coffee market increased, together with other revenues, by more than 50%, The company’s portfolio of bioplastics applications are expected to contribute substantially to sales, particularly in the latter part of 2019.particularly, something known as the rigid ring project. A much higher performing disposable cutlery is another new product expected to be successful in the US. Revenues in the RF Technologies division for the year ended 31 December 2018 provided a 75% increase on the previous year. 2019 is expected to see a gradual but substantial increase in Bioplastics revenues.

Shield Therapeutics plc STX has entered 2019 in good shape with revenues for the year to 31st December 2018 expected to to have soared to. £11.9 million from 2017’s £637,000 and including the 11m. upfront payment received from Norgine on the signing of the licence agreement. Royalty income from Norgine during 2019, is anticipated to grow steadily based on sales in the UK and Germany,

 Beachfront villas & houses for sale in Greece;   http://www.hiddengreece.net

Ian Pollard: Morrisons – The Legacy Lives On With Bumper Christmas

Morrisons W. Sprmkts MRW If you do not know how to sell a pack of frozen peas, then you should not be on the board of a chain of supermarkets. Britains high streets are riddled with major retail outlets which are in a state of collapse and its Boards are littered with bankers, accountants and management experts with not a grocer amongst them. At Morrisons however the legacy of “our Ken” lives on and the company is leading the big guns of British retailing a pretty dance. Whilst they cry over their shelves of unsold peach and ratatouille consomme, Morrisons just get on with the job of selling goods which its customers want to buy in stores which they want to visit.

The result,  Morrisons has just enjoyed its fourth consecutive Christmas of like for like sales growth. Total sales for for the nine weeks to 6 January rose by 4%. Customer satisfaction increased significantly and the price of its basket of key Christmas items remained  the same as last year.

Greene King plc GNK is another company which got its festive hat perched at the right angle, as like for like sales over the last two weeks of Xmas and the New Year leapt by 10.9% compared to a rise of only 3.2% over the first 36 weeks of the financial year. It is accepted that the ongoing uncertainty surrounding Brexit may still have an impact on consumer confidence and spending during the year, but the company is confident of the outlook for the full year.

Safestore Holdings plc SAFE has announced its fifth consecutive year of double-digit earnings per share and dividend growth. Revenue for the year to the 31st October rose by 10.4% or 5.2% on a like for like basis and underlying EBITDA by 6.5%.The dividend has been increased from 14p to 16.2p per share, a rise of 16.1%. The company says that the start to its current financial year has been encouraging.

SIG plc SHI faced challenging market conditions and lower trading revenues in the second half of the year, particularly in December. Group like-for-like revenues were down 2.3% over the full year, with the UK and Ireland being particularly badly hit  with a like for like fall of 5.7%.

Beachfront  houses for sale in Greece;   http://www.hiddengreece.net

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