Business
Business Financial Review and Warrant Update
Business Financial Review and Warrant Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5399L\n Power Metal Resources PLC\n 13 January 2021\n \n \n \n \n 13 January 2021\n \n \n Power Metal Resources PLC\n \n \n (\"Power Metal\" or the \"Company\")\n \n \n Business Financial Review and Warrant Update\n \n \n 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.\n \n \n \n Paul Johnson, Chief Executive Officer of Power Metal Resources commented:\n \n \n \n \n \n \n \"Power Metal has multiple exploration programmes underway alongside significant corporate activities in and around certain of our projects.\n \n \n 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.\n \n \n 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.\n \n \n \n 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. \n \n \n Recognising Power Metal's strong financial position we consider there is no requirement to exercise any right to accelerate warrants at this time.\n \n \n \n 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 £1 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.\"\n \n \n BUSINESS AND FINANCIAL REVIEW\n \n \n Power Metal's working capital position as at 12 January 2021 was circa £2.72 million including Pounds Sterling, US Dollars, Australian Dollars and Canadian Dollars and the current value of the Company's listed investments. Power Metal has n...