PDMR Irrevocable Undertaking to Exercise Warrants
Power Metal Resources plc (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces that today Value Generation Limited a private company beneficially owned by Paul Johnson, Chief Executive Officer of the Company, has provided an irrevocable undertaking to exercise warrants to subscribe for ten million new ordinary shares in the Company of 0.1p each (“Ordinary Shares”).
The warrants were issued to participants in a financing undertaken by the Company in February 2019 and in which Value Generation Limited subscribed for ten million new Ordinary Shares, receiving ten million warrants to acquire Ordinary Shares at a price of 1.0p per new Ordinary Share (the “Warrants”).
The expiry date of the Warrants is 18 August 2021 and Value Generation Limited has irrevocably confirmed it will exercise the Warrants on 17 August 2021 and pay £100,000 exercise monies to the Company.
The irrevocable undertaking to exercise the Warrants has been given by Value Generation Limited to mitigate the possibility of Paul Johnson being in possession of price sensitive information prior to the expiry date of the Warrants and unable to exercise the Warrants as a result.
Further relevant disclosures will be made on or around 17 August 2021.
Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:
“Since joining the board and with today’s commitment, I will have invested over half a million pounds cash into Power Metal shares. Much of that investment has been through on market purchases, alongside participation in all three financings undertaken since February 2019.
Today’s irrevocable commitment brings my first warrant exercise raising £100,000 for Power Metal and adding to our existing robust working capital position.
My remaining warrants and options if exercised in full would provide additional cash to the Company of just under £1million.
As the largest notified shareholder in the Power Metal I am in a fortunate position as CEO, able to play a considerable part in the future advancement of the Company. We have grand ambitions, a brilliant and growing operational team, and an exceptional portfolio of projects giving our shareholders exposure to multiple potential district scale discovery scenarios.
We have entered into an intensive period in the life of Power Metal, with numerous discovery focused drill programmes planned in the balance of 2021. Let’s see what transpires!”
Certain information contained in this announcement would have been deemed 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
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