TIDMPOW
RNS Number : 4816N
Power Metal Resources PLC
01 June 2022
01 June 2022
Power Metal Resources PLC
("Power Metal" or the "Company")
First Development Resources - Pre-IPO Financing GBP1,125,000
Power Metal Subsidiary First Development Resources Raises
GBP1,125,000 in Pre-IPO Financing to Fund its Planned IPO and
Operational Expenses
Power Metal Resources PLC (LON:POW) the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces its subsidiary First
Development Resources Limited ("First Development" or "FDR") has
undertaken a GBP1,125,000 Pre-IPO financing ("Financing").
FDR is planning to list on the London capital markets in Q3 2022
(the "IPO") and is focussed on district-scale exploration
opportunities in Australia .
HIGHLIGHTS
-- First Development has raised GBP1,125,000 through a Pre-IPO
financing undertaken with SI Capital Limited, corporate broker,
through the issue of 16,866,566 new First Development ordinary
shares of 1 pence each ("FDR Ordinary Share") at a price of 6.67p
per Ordinary Share, which will represent 27.14% of the issued share
capital of First Development on completion of the Financing.
-- 50% of Financing monies will be payable to First Development
by 10.06.22 and 50% by 10.07.22 whereupon Financing completion will
occur ("Completion") and all shares will be issued to Financing
participants shortly after Completion.
-- Power Metal has subscribed for GBP75,000 of the Financing,
subscribing for 1,124,437 FDR Ordinary Shares ("POW
Subscription").
-- Following Financing Completion, Power Metal will hold a total
of 38,605,696 FDR Ordinary Shares representing 62.12% of issued
share capital First Development.
-- On the basis of issued share capital of FDR on Completion of
the Pre-IPO Financing the current valuation of First Development
will be GBP4.125 million, and Power Metal's 62.12% holding will be
valued at circa GBP2.562 million.
-- The monies raised will enable First Development to fully
self-finance its operations including IPO listing advisory costs,
corporate expenses and various project expenditures.
-- Paul Johnson, Chief Executive Officer of Power Metal has
subscribed for GBP50,000 (749,625 FDR Ordinary Shares) in the
Financing.
-- No warrants are included automatically with the Financing
however should warrants be offered as part of the planned IPO
financing, participants in this Pre-IPO Financing will receive
warrants on the same terms.
Tristan Pottas Chief Executive Officer of First Development
Resources Ltd commented:
"The Pre-IPO Financing provides FDR with the necessary working
capital to confidently push ahead with business operations
including its planned listing on the London capital markets.
The FDR business has been built around Australian exploration
and notably, what we believe are high impact opportunities in
Western Australia's Paterson Province and the Northern
Territory.
We have been analysing the extensive historical exploration data
in and around our projects since early 2021, securing the benefits
and knowledge from work undertaken by previous licence holders.
Using this core data and the latest in technological innovation
in resource exploration we have been building targets for next
stage work, including gold-copper drill targets at our flagship
Wallal Project in the Paterson, and uranium-rare earth element and
potential lithium targets at our Selta Project in the Northern
Territory."
Paul Johnson Chief Executive Officer of Power Metal Resources
plc commented:
"The successful Pre-IPO Financing reported in today's
announcement is the first decisive step on FDR's journey to
becoming an independent listed vehicle. We believe the projects
which make up FDR's portfolio present a compelling investment
proposition which we look forward to watching develop under the
management of the FDR board.
The Pre-IPO Financing means First Development becomes
financially self-sufficient and Power Metal will no longer be
required to fund FDR operations in the period leading up to the
planned IPO and instead will become a strategic FDR
shareholder.
Of particular note is that Power Metal has now seen three of its
project packages find their own independent corporate pathway,
management and financing including:
- Disposal of the Company's Schreiber - Hemlo interests in
Ontario, Canada, into First Class Metals plc ("FCM") in September
2021. Power Metal currently has a 36.3% interest in the issued
share capital FCM, which secured Pre-IPO financing in September
2021 and is seeking a planned listing this quarter.
- Golden Metal Resources plc ("GMT") focused on exploration and
development interests in Nevada, USA, currently 83.13% Power Metal
owned. GMT secured Pre-IPO financing in December 2021 and is
seeking a planned listing this quarter.
- As announced today, First Development Resources, currently
82.78% Power Metal owned (62.12% following Completion) focused on
Australian exploration interests and seeking a listing in Q3
2022."
We continue to work on the potential spin-out listing of other
business interests. This includes our Victorian Goldfields joint
venture with Red Rock Resources plc (LON:RRR) and held through New
Ballarat Gold Corporation plc ("NBGC") where we hold a 49.9%
interest."
FDR EXPLORATION INTERESTS
FDR Australia holds the following exploration licence
interests:
Wallal Project (Wallal Main-E45/5816 - 390km (2) - granted),
(Wallal West 1-E45/5853 96km (2) - granted) and (Wallal West 2 -
E45/5880 - 86km (2) - granted).
A comprehensive geophysical review has identified three magnetic
bullseye anomalies located under Phanerozoic sedimentary cover
which are interpreted to have possible geological similarities
major Au-Cu deposits within the Paterson Province including Winu
(Rio Tinto) and Havieron (Newcrest Mining-Greatland Gold joint
venture).
Braeside West Project (E45/5854 - 137km (2) - one granted
licence)
In-depth desktop analysis of historic exploration data is
currently underway on the Braeside West Project. A recent
base-metal discovery by neighbouring company Rumble Resources Ltd
(ASX:RTR) has enhanced the overall prospectively within the
Braeside West Project area as it is hosted within a similar
geological environment to that of Rumble Resources discovery.
Ripon Hills Project (E45/5088 - 42km (2) - one granted
licence).
The Ripon Hills Project is prospective for base-metal and gold
mineralisation associated with deep-seated north-south oriented
fault structures which run through the Ripon Hills Project area.
In-depth desktop analysis of historic exploration data is currently
underway over the project.
Selta Project (EL 32737, EL 32738, EL 32755 - 1,575km(2) - three
granted licences)
The Selta Project is located in an area considered to be
highly-prospective for uranium and rare earth element
mineralisation. FDR recently completed an in-depth review of all
geological, geophysical and geochemical data which also identified
the potential for lithium, gold and base-metal mineralisation as
well as the possibility of tin-tantalum-tungsten rich
pegmatites.
IPO AND LISTING PROCESS
FDR is seeking a listing on the London capital markets and is
working with advisors in this regard and is targeting a listing on
the London capital markets in Q3 2022.
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
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
First Equity Limited (Joint Broker)
David Cockbill/Jason Robertson +44 (0) 20 7330 1883
NOTES TO EDITORS
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.
Power Metal Exploration Programmes Underway/Results Awaited
Power Metal has exploration programmes completed or underway,
with results awaited, as outlined below:
Project Location Current Work Completed Results Awaited
POW % or Underway
Alamo Gold USA Earn-in Excavation of Field and assay results
Project to 75% multiple test from on-site work
pits and mapping programme.
& sampling.
---------- --------- ----------------------- ---------------------------
Athabasca Canada 100% Data compilation Interpretation results
Uranium across uranium from all Properties
properties complete. Next steps
upcoming.
---------- --------- ----------------------- ---------------------------
Authier Canada Earn-in Soil & rock sampling Technical Review
North Lithium to 100% completed of exploration results
& define next exploration
steps.
---------- --------- ----------------------- ---------------------------
Ditau Project Botswana 50% Drill programme Field updates and
focused on key receipt & review
targets notably of laboratory assay
drilling of potential results.
carbonatites
and targeting
rare-earth elements.
---------- --------- ----------------------- ---------------------------
Kalahari Botswana 50% Exploration programme Field programme findings
Copper Belt underway across and defined drill
the South Ghanzi targets for near
Project and further term drilling.
exploration at
the more recently
acquired South
Ghanzi Extension
and Mamuno licence
areas
---------- --------- ----------------------- ---------------------------
Molopo Farms Botswana 53%# Review of recent Determine next exploration
exploration findings. steps and action
plan.
---------- --------- ----------------------- ---------------------------
Victoria Australia 49.9% Diamond drill Field updates and
Goldfields programme underway receipt & review
of laboratory assay
results.
---------- --------- ----------------------- ---------------------------
Paterson Australia 82.78%* Wallal passive Findings from multiple
Projects seismic and 2D work programmes including
seismic processing final approvals and
work programme preparations for
completed. planned deep diamond
Review of historical drilling.
data and target
generation for
Ripon Hills &
Braeside West
projects.
---------- --------- ----------------------- ---------------------------
Selta Project Australia 82.78%* Field reconnaissance Finalising data review
work complete, from field programmes.
which included
mapping and sampling.
---------- --------- ----------------------- ---------------------------
* Reducing to 62.12% after Completion of the Pre-IPO
Financing
# subject to completion of acquisition announced 18.5.22
interest will increase to 87.71%
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END
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