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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 |
TIDMPOW
RNS Number : 2284U
Power Metal Resources PLC
29 July 2022
29 July 2022
Power Metal Resources plc ("Power Metal" or the "Company")
Listing of First Class Metals PLC
Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio notes the announcement today by First Class Metals PLC (LON:FCM)("First Class") confirming their First Day of Dealings with an admission to the Official List (by way of Standard Listing under Chapter 14 of the Listing Rules). This announcement may be viewed through the following link:
https://www.londonstockexchange.com/news-article/FCM/first-class-metals-plc-initial-admission/15561714?showDisclaimer=true
Power Metal and 100% owned subsidiary Power Metal Resources Canada Ltd hold a combined 28.19% interest in First Class which at the IPO price of 10p per First Class ordinary share of 0.1p each ("First Class Share") is valued at GBP1,851,610 and which is held as follows:
POW Company Shares % First Class Power Metal Resources Canada Ltd 17,998,392 27.40 ----------- -------------- Power Metal Resources PLC 517,705 0.79 ----------- -------------- Total 18,516,097 28.19 ----------- --------------
The total shareholding above is subject to a 12-month lock in agreement prohibiting the sale of First Class Shares, with a follow on further 12-month orderly market arrangement.
In addition to the shareholdings above, Power Metal holds 517,705 warrants to subscribe for a further 517,705 shares at an exercise price of 10p per First Class Share and with a life to expiry of 12 months from today's date.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
"Our congratulations to the First Class Metals team for their work and commitment to secure this listing. In our view, First Class has a highly prospective project portfolio centred within the prolific Schreiber-Hemlo belt of Ontario, Canada, and offers investors an exciting new investment proposition.
Moreover, with active exploration on the ground underway, including First Class Metal's joint-venture (JV) partner Palladium One (TSX-V:PDM) drilling at the Pickle Lake JV property, we anticipate active news flow from ground operations.
Today's listing is a notable event for Power Metal, where a previous project investment has now become a significant balance sheet asset. We will be watching the progress of First Class with a keen interest.
Moreover, final preparations continue for the planned listing of Golden Metal Resources plc, another North American investment opportunity centred on Nevada, USA, and where Power Metal currently holds an 83.13% interest. I look forward to providing further updates in respect of Golden Metal in the near term."
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.
Exploration Work Overview
Power Metal has internal exploration programmes completed or underway, with results awaited, as outlined in the table below.
Exploration work programmes may also be underway within planned IPO vehicles where Power Metal has a material interest the findings from which will be released on their respective websites, with simultaneous updates through Power Metal regulatory announcements where required:
www.firstclassmetalsplc.com
www.goldenmetalresources.com
www.firstdevelopmentresources.com
Power Metal also holds a material investment in Kavango Resources plc with exploration updates available through their regulatory announcements and on their website:
www.kavangoresources.com
Project Location Current Work Completed Results Awaited POW or Underway % Athabasca Canada 100% Hyperspectral Finalise review of data Uranium data analysis from 3 properties. Prepare conducted across for summer exploration 7 properties. programme across 4 properties. Updating to 7 data rooms for third party review. ---------- --------- ---------------------- -------------------------------- Authier Canada Earn-in Property Evaluation Update covering exploration North to 100% Report completed. plans for target areas Lithium identified during the Evaluation. ---------- --------- ---------------------- -------------------------------- Molopo Botswana 53%(#) Comprehensive Finalise next exploration Farms data review complete steps and action plan. and establishment of data room for third party review. ---------- --------- ---------------------- -------------------------------- Tati Botswana 100% Site visit with Exploration planning Project mapping of gold underway including further workings and mapping, sampling and mine dumps. launch of an RC drill programme. ---------- --------- ---------------------- -------------------------------- Victoria Australia 49.9% Diamond drill Final drill programme Goldfields programme completed. results analysis and Review of Ajax resource potential analysis & Berringa mine from former high-grade remaining resource producing mines in granted potential. licences. ---------- --------- ---------------------- --------------------------------
(#) subject to completion of acquisition announced 18.5.22 interest will increase to 87.71%
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END
MSCFIFIDDSIAFIF
(END) Dow Jones Newswires
July 29, 2022 03:08 ET (07:08 GMT)
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