Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces the creation of a Company Adviser Warrant Pool (the “Adviser Pool”) for distribution at the Board’s discretion to business advisers, consultants and in-country teams who are, or may become, key to business growth and development and have been, or may be, important to the strategic and financial positioning of the Company.
The Company has a core staff of 11 UK team members, including board directors. This team oversees and manages operations across North America, Africa and Australia. To do this Power Metal has adopted a ‘hub and spoke’ approach management, with the UK team supported by a network of UK advisers and consultants and operational teams in each country of operations.
With the growth of Power Metal’s interests the network of advisors has grown, and in line with the ethos of the Company, the Board wish to ensure that those providing valuable support to the Company can share in the exposure to equity upside.
Reflecting the above Power Metal has today created the Adviser Pool comprising 25m warrants over new ordinary shares of 0.1 pence in the Company (“Ordinary Shares”) in total.
The exercise terms of the new warrants are the same as those created for those awarded to team members of the Company in 2022, namely, to acquire new Ordinary Shares at an exercise price of 3.25p per share.
The Adviser Pool Warrants:
– have a life to expiry ending 12 October 2025, save that should the volume weighted average share price (“VWAP”) of the Company exceed 10.0p for five consecutive trading days, Power Metal shall have the right to serve a ten business day notice on the Adviser Pool warrant holders to exercise and pay for their allocation, or they may be cancelled by the Company.
– are subject to a share price performance condition and cannot be exercised until the VWAP of the Company has exceeded 5.0p per Ordinary Share for ten consecutive trading days.
To be clear, Power Metal directors will not receive warrants from this Adviser Pool, which is designed to incentivise advisers, consultants and others who are external to the Company.
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
