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ABM African Battery Metals Plc

0.55
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Power Metal Resources PLC GBP900,000 Equity Financing (8040M)

16/01/2023 7:15am

UK Regulatory


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TIDMPOW

RNS Number : 8040M

Power Metal Resources PLC

16 January 2023

16 January 2023

Power Metal Resources PLC

("Power Metal" or the "Company")

GBP900,000 Equity Financing

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 placing and subscription to raise GBP900,000 before expenses (the "Financing").

HIGHLIGHTS

-- Power Metal has raised GBP900,000 before expenses for the advancement of priority exploration projects and for general working capital purposes with the Financing undertaken at the closing market bid price of 1.4 pence on 13 January 2023 (see below for detailed Financing terms).

-- The fundraising will be applied to a comprehensive exploration programme at the Tati gold project and will allow Power Metal to accelerate preparations for exploration at the Company's strategic uranium portfolio in the Athabasca Basin region of Saskatchewan, Canada.

-- At Tati the Company's exploration plans include soil geochemistry, geophysics, mechanised trenching, reverse circulation (RC) and diamond drilling. This work will examine near surface gold mineralisation across a far larger proportion of the 8km gold-in-soil anomaly which extends through the centre of the Tati licence footprint and, through planned drilling, test for gold mineralisation at depth.

-- Power Metal is seeking to undertake exploration programmes at a number of its Athabasca uranium properties during the upcoming spring and summer, following snowmelt. The work programmes will be designed to follow up on high-grade uranium rock sample results achieved by the Company during the 2022 campaigns, as well as inaugural work programmes at other properties in the portfolio which have not been worked by Power Metal to date.

-- Diamond drilling has recommenced at the Molopo Farms Complex project in Botswana after the Christmas break and specifically at drillhole DDH2-3A into target area T2-3A. In addition, at the Company's Victoria Goldfields joint venture a diamond drill programme is underway targeting extensions of the former high-grade working Berringa gold mine.

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

"Power Metal continues to drive its exploration portfolio, with drilling underway currently and with additional programmes now to be launched in the near term at the Tati gold project in Botswana and expedited exploration at the Athabasca Uranium portfolio in Saskatchewan, Canada.

With multiple exploration work streams underway Power Metal expects to release further updates to the market over the coming weeks and months as operational activities advance.

In parallel Power Metal continues to work on the various corporate initiatives targeting the generation of material value for the Company and its shareholders.

The recent strong move higher in the price of gold from under US$1,650 at the start of November 2022, to US$1,920 at the close on Friday is an important event, with gold acting as a key indicator for the strength of our sector. I believe the future is bright for the junior resource sector and the proactive junior resource explorers within it.

Power Metal has, through relentless teamwork over recent years, built and advanced our global exploration portfolio and we believe that work has positioned the Company uniquely well for the near, medium and long term."

FINANCING FURTHER INFORMATION

-- The Company has raised GBP900,000 before expenses through the issue of 64,285,714 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 13 January 2023.

-- Each Financing Share has an attaching warrant to subscribe for one new ordinary share of 0.1p each in the Company ("Ordinary Share") at an exercise price of 2.0p per share with a 24-month term from 30 January 2023 ("Financing Warrant") creating 64,285,714 Financing Warrants.

-- Should the Power Metal share price exceed a volume weighted average share price of 6p for five trading days Power Metal may issue a written notice to Financing Warrant holders providing ten trading days to exercise Financing Warrants and twenty 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 6,428,571 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 64,285,714 Financing Shares to be admitted to trading on AIM which is expected to occur on or around 30 January 2023 ("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 1,727,574,806 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:

 
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 - Background

Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.

The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.

Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.

Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.

Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.

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

IOEGRGDBDBBDGXL

(END) Dow Jones Newswires

January 16, 2023 02:15 ET (07:15 GMT)

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