The company has 13 projects over three continents targeting ten commodities, exposed to multiple district-scale interests & high-value projects.
With four spin-out activities along with the latest announcement are that POW had raised £1.05 million to Accelerate Operational and Strategic Opportunities.
Two London listings are scheduled for the first quarter of 2022, along with the CEO holding 75 million shares and is currently the largest shareholder. That adds up to over half a million pounds cash.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented:
“ The new shares issued in the Placing undertaken by the Company represents dilution of just 4.5% of current issued share capital and adds a material further cash resource into the Company at this opportunistic time.
Power Metal has maintained a strong working capital position throughout 2021, notwithstanding significant investment in exploration and corporate development. The Company is now at a key point where extensive exploration activities are underway and corporate activities are intensifying.
The Placing will allow the Company to expand its exploration budgets, accelerate corporate work and complete on a number of new initiatives.
The Power Metal board have been unable to participate in this Placing as we are actively involved in a number of initiatives that due to the possession of potentially price-sensitive information would preclude us from buying the Company’s shares at this time.”
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.
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