We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| African Battery Metals Plc | LSE:ABM | London | Ordinary Share | GB00BYWJZ743 | ORD 0.1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.55 | 0.50 | 0.60 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMPOW
RNS Number : 5399L
Power Metal Resources PLC
13 January 2021
13 January 2021
Power Metal Resources PLC
("Power Metal" or the "Company")
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 GBP1 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 GBP2.72 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 GBP0.6 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:
Hot Features
Premium
PROJECT EXPLORATION POW OPERATIONAL POSITION PROJECT FINANCIAL
FOCUS INTEREST INFORMATION (Cash
Costs)
AUSTRALIA Gold 49.9% 13 licence applications Power Metal has
Victoria covering a footprint paid in full all
Goldfields of 2,336 km(2.) contributory costs
JV with Red . Prepared 11 into the Joint
Rock Resources historic project Venture ("JV")
plc (LON:RRR) reports including to date. In the
exploration planning period to 31.3.21
and a National we have provided
Instrument NI for general cash
43-101 technical costs to run the
report covering JV Ballarat office
8 applications. and for a step
Awaiting initial up in exploration
licence grants activities in Q1
for 3 priority 2021 subject to
licence applications the receipt of
(EL007271/7281/7285) granted licences.
and progressing
potential listing
plans on a North
American stock
exchange and
other possible
joint venture
initiatives.
-------------- ---------- --------------------------- ----------------------------
BOTSWANA Rare Earths 50% 2 licences (1,386km(2) Power Metal has
Ditau Camp ) with Rare earths made advance payments
Project potential established of US$150,000 to
SJV with from recent exploration cover its 2-year
Kavango Resources work. First stage sole exploration
plc (LON:KAV) orientation work commitment under
complete and the strategic joint
follow up work venture ("SJV")
announced 4.1.21. agreement ahead
of schedule. Power
Metal has also
paid its GBP10,000
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.
-------------- ---------- --------------------------- ----------------------------
BOTSWANA Copper 50% 2 licences (1,294km(2)
Kalahari Silver ) directly to
Copper Belt the southwest
Project of Sandfire Resources'
(SJV with T3 and A4 Dome
Kavango Resources copper-silver
plc (LON:KAV) discoveries.
Soil sampling
programme underway
with initial
samples identifying
zinc pathfinder
in x-ray fluorescence
("XRF") analysis.
Follow up work
announced 23.12.20.
-------------- ---------- --------------------------- ----------------------------
BOTSWANA Nickel Up to 3 licences (1,780km(2) Power Metal is
Molopo Farms Copper 50.96% ) with multiple spending US$500,000
Complex Project PGMs targets identified to earn into a
from electromagnetic 40% direct project
survey and ground ownership which
geophysics. Drilling along with its
of four high 18.26% project
profile targets holding company
underway with interest, will
two holes complete give a 50.96% effective
and extensive economic project
technical analysis interest to Power
underway. Thick Metal. To date
ultramafic zones circa US$292,641
have been intersected has been paid with
and in hole KKME a further US$207,359
1-6 visible sulphides (circa GBP151,952)
have been identified included in cash
as announced costs to 31.3.21.
11.1.21.
-------------- ---------- --------------------------- ----------------------------
CAMEROON Cobalt 100% 4 licences adjacent Further update
Cobalt Blue Nickel to, or within to follow regarding
Project 50km of the Nkamouna/Nada the Company's plans
cobalt/nickel and financial commitment.
deposit. Review
of exploration
and commercialisation
options reaching
an advanced stage.
-------------- ---------- --------------------------- ----------------------------
CANADA Silver Earn -in Mineral claims As part of the
Silver Peak to 30% over historical earn-in to 30%
Project Eureka-Victoria Power Metal has
Silver Mine and committed to cover
high grade, intrusion CAD$250,000 on
related, polymetallic exploration in
Ag-Pb-Zn-Cu veins. the period to September
Summer 2020 channel 2021. To date CAD
sample programme $141,048 has been
included a delineated paid covering expected
bonanza grade spend to 31.3.21
silver up to and leaving CAD$108,952
0.50m @ 14,937 remaining later
g/t Ag, 3.05 in 2021.
% Cu & 11.95
% Pb. In November,
drill hole SP2020-01
intersected 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.
-------------- ---------- --------------------------- ----------------------------
THE DEMOCRATIC Copper 70% Exploration licence Advance payments
REPUBLIC Cobalt of 41 carrés made to cover geophysical
OF THE CONGO miniers (each programme costs.
Kisinka Project 84.95 ha) with Further costs of
a 6.8km copper/cobalt circa US$30,000
anomaly identified. are expected in
Geophysics programme the period to 31.3.21.
launched in late
2020 (as announced
15.12.20) and
finalising the
c onversion of
the licence to
a Permis d'Exploitation
(production license)
with a 25-year
life.
-------------- ---------- --------------------------- ----------------------------
TANZANIA Nickel 35% Large polymetallic Power Metals has
Haneti Project Copper land package already made advance
JV with Katoro Platinum of c.5,000 km(2) payments towards
Gold plc Group Metals including 80km maiden drill programme
(LON:KAT) ('PGM') long ultramafic costs. Balancing
Gold etc complex with Power Metal drill
drill ready nickel costs are expected
sulphide/PGM to be circa US$55,000
targets. Currently in the period to
undertaking Rotary 31.3.21.
Air Blast drill
programme at
Haneti (as announced
30.12.20).
-------------- ---------- --------------------------- ----------------------------
USA Gold Earn-in Package of mining Power Metal has
Alamo Gold up to claims covering committed to minimum
Project 75% c.946 acres prospective exploration spend
for gold following in the 12 months
the discovery to July 2021 of
of native gold US$100,000, of
nuggets near which US$50,000
surface. Follow has been paid and
on work underway a further US$50,000
(as announced is expected in
11.12.20 and the period to 31.3.21.
after completion In addition, a
of the reconnaissance further US$25,000
survey in summer of property payments
2020) with further to the vendor were
update to market made in December
expected shortly. 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: 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 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
UPDKXLBFFFLZBBB
(END) Dow Jones Newswires
January 13, 2021 04:41 ET (09:41 GMT)
1 Year African Battery Metals Chart |
1 Month African Battery Metals Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
