Business
Additional Financing Raising £280,000
Additional Financing Raising £280,000.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n 5 September 2022\n \n \n \n Power Metal Resources PLC\n \n \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n \n \n Additional Financing Raising £280,000\n \n \n \n \n \n \n \n \n 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.\n \n \n 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. \n \n \n \n Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented: \n \n \n \n \n \"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.\n \n \n \n \n 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.\"\n \n \n \n \n \n \n \n \n \n FINANCING FURTHER INFORMATION\n \n \n \n §\n 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.\n \n \n \n \n \n §\n 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.\n \n \n \n \n \n §\n 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.\n \n \n \n \n \n §\n 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.\n \n \n \n \n \n \n \n \n ADMISSION AND ...