{"id":106781,"title":"Power Metal (AIM:POW) Drill Contract – Issue of Equity at 2.25p","publisher":"Share Talk","author":"sharetalk","published":"2023-03-06T16:14:28+00:00","modified":"2023-03-06T16:14:28+00:00","canonical_url":"https://www.share-talk.com/power-metal-aimpow-drill-contract-issue-of-equity-at-2-25p/","markdown_url":"https://www.share-talk.com/power-metal-aimpow-drill-contract-issue-of-equity-at-2-25p.md","json_url":"https://www.share-talk.com/power-metal-aimpow-drill-contract-issue-of-equity-at-2-25p.json","category":"Mining","categories":["Mining"],"tags":["Australian","Botswana","British Columbia","Cameroon","canada","Canadian","Christian Schaffalitzky","Cobalt","Coco East","COPPER","Copperbelt","Democratic Republic of Congo","Democratic Republic of the Congo","Ditau Project","drilling","Exploration","Farms","Gold","Golden Metal","Golden Metal Resources","group metals","Haneti","Haneti Project","helicopter","Jupiter Mines","KAT","Katoro Gold","KAV","Kavango Resources","Kenya","Kisinka","KKME","Lithium","Lubumbashi","Magical","McKellar","Molopo","Molopo Farms","Nevada","Nickel","Paul Johnson","pegmatite","Piedmont Lithium","platinum","PLL","POW","Power Metal","Power Metal Resources","Project","Québec","Red Rock Australasia","Red Rock Resources","RRR","Sayona Mining","silver","Silver Peak Project","SYA","Tanzania","tungsten","URANIUM","USA","Victoria","Victoria Goldfields"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"**Drill Contract Issue of Equity at 2.25p – Molopo Farms Complex 2023/23 Drill Programme**\n\n**Power Metal Resources PLC (LON: POW)** the London-listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an issue of equity relating to payment for drill costs in relation to the recently completed Molopo Farms Complex diamond drill programme in Botswana.\n\nThe original announcement in respect of the drill contract with Mindea Exploration & Drilling Services (Pty) Ltd (“Mindea”) was released on 30 August 2022 and may be viewed through the link below:\n\n[https://www.londonstockexchange.com/news-article/POW/molopo-farms-drill-contract-signed/15604332](https://www.londonstockexchange.com/news-article/POW/molopo-farms-drill-contract-signed/15604332)\n\nThe final total payable under the equity component of the drill programme has been agreed at 4,094,254.96 Pula, or £257,824.62, to paid in full through the issue of Power Metal new ordinary shares of 0.1p (“Ordinary Shares”) at an agreed issue price of 2.25p. This equates to 11,458,872 Ordinary Shares to be issued to Mindea (“Drilling Shares”).\n\n**ADMISSION AND TOTAL VOTING RIGHTS**\n\nApplication will be made for the 11,458,872 Drilling Shares to be admitted to trading on AIM which is expected to occur on or around 10 March 2023 (“Admission”). The Drilling Shares will rank pari passu in all respects with the ordinary shares of the Company currently traded on AIM.\n\nFollowing Admission, the Company’s issued share capital will comprise 1,739,033,678 ordinary shares of 0.1p each. This number will represent the total voting rights in the Company and may be used by shareholders as the denominator for the calculation by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure and Transparency Rules.\n\nThis 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.\n\nFor further information please visit [https://www.powermetalresources.com/](https://www.powermetalresources.com/) or contact:\n\n**Power Metal Resources plc**\n\nPaul Johnson (Chief Executive Officer)\n\n+44 (0) 7766 465 617"}