Business
Exercise of Warrants & Warrant Update
Exercise of Warrants & Warrant Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n 21 July 2022\n \n \n Power Metal Resources plc (\"Power Metal\" or the \"Company\")\n \n \n \n Exercise of Warrants & Warrant Update\n \n \n \n \n \n \n \n \n Power Metal Resources plc (LON:POW)\n the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announcesan exercise of warrants and warrant update.\n \n \n \n Paul Johnson, Chief Executive Officer of Power Metal Resources commented:\n \n \n \n \n \"Including the exercise of warrants below, in the last week Power Metal has announced an additional £382,666 raised through final conversions of the July 2022 expiry warrants. This is a material sum and added to our existing working capital puts the Company in a strong financial position for the next stage of its development.\n \n \n \n \n That next stage is potentially the most exciting in our history as Power Metal, with key exploration programmes planned including those at the Tati and Molopo Farms Complex projects in Botswana, two of our key internal exploration interests.\n \n \n \n \n Corporately, we are looking forward to the planned listings of First Class Metals, Golden Metal Resources and First Development Resources; and the completion of various other crystallisation events for the Company.\n \n \n \n \n I look forward to Power Metal driving through this next important stage and to the announcement of key developments as they occur in the coming weeks and months. To help articulate in full the latest position of all our interests, Power Metal expects to release its quarterly report for the period April to June 2022, (including a summary of events so far in July) early next week.\"\n \n \n \n \n Warrant Exercise\n \n \n \n The Company has received notices to exercise warrants over 18,548,700 new ordinary shares of 0.1 pence each in the Company (\"Warrant Shares\") at an exercise price of 0.75p per Warrant Share and raising an additional £139,115 for the Company. \n \n \n \n Insider Warrant Update\n \n \n \n In the July 2020 financing undertaken by the Company participants received warrants to subscribe for new ordinary shares of 0.1p in Power Metal at an exercise price of 0.75p per share with an expiry date of 20 July 2022 (\"July 2020 Warrants\").\n \n \n As at the expiry date Paul Johnson, Chief Executive Officer of the Compa...