TIDMPOW
RNS Number : 6487W
Power Metal Resources PLC
13 December 2023
13 December 2023
Power Metal Resources plc
("Power Metal" or the "Company")
Uranium Energy Exploration Update
Power Metal Resources plc (AIM:POW), the London listed
exploration company with a global project portfolio, is pleased to
update the market on progress and key developments relating to the
conditional disposal of its Canadian uranium assets as announced
previously.
On 8 August 2022 and 4 November 2022, Power Metal announced the
conditional disposals of the Reitenbach and E-12 uranium properties
respectively into Teathers Financial plc ("Teathers"), which is to
be renamed Uranium Energy Exploration plc ("UEE"), the details of
which can be found below:
https://www.londonstockexchange.com/news-article/POW/disposal-of-reitenbach-uranium-property-canada/15575269
https://www.londonstockexchange.com/news-article/POW/disposal-of-e-12-uranium-property-canada/15703304
Since then, considerable progress has been made on the structure
of the transaction and the advancement of the assets, a key
component of which has been the successful completion of a pre-IPO
financing which is announced today, together with further
information in respect of next stage plans.
As noted in the announcement of 10 March 2023, Sean Wade, Chief
Executive Officer of Power Metal Resources plc, is a director of
Teathers Financial plc. Mr Wade is also a shareholder in Teathers
Financial Plc.
PRE-IPO HIGHLIGHTS
- Teathers/UEE has conditionally raised approximately GBP421,500
through a Pre-IPO financing ("Financing") undertaken at 1.241135p
per Teathers new ordinary share ("Ordinary Share").
- Completion of the Financing is subject only to approval of
Teathers' shareholders at General Meeting, arrangements for which
are being finalised.
- The capital raised enables Teathers/UEE to self-finance its
operations including its planned IPO advisory costs, corporate
expenses and various project expenditures.
- No warrants are included automatically with the Financing,
however should warrants be offered as part of the planned IPO
placing, participants in this Pre-IPO financing will receive
warrants on the same terms.
FURTHER HIGHLIGHTS
- With the pre IPO Financing work complete, Teathers/UEE is now
moving to execute on further corporate initiatives in advance of
its planned Q1/Q2 2024 listing on the London capital markets ("IPO
listing").
- Based on the Teathers/UEE pre-IPO valuation and planned
conditional disposals by Power Metal of the Reitenbach and E-12
uranium properties into Teathers/UEE, it is currently anticipated
that upon completion of the planned acquisitions by Teathers/UEE
and its IPO listing, Power Metal is expects to hold a significant
interest in the newly listed vehicle.
- Further updates are expected shortly in relation to the Power
Metal's uranium focused portfolio.
Sean Wade, Chief Executive Officer of Power Metal Resources plc,
commented:
"I am very pleased to be able to report positive progress
towards the UEE IPO. Current market conditions are not conducive to
capital raising, and the fact that Teathers/UEE have outperformed
expectations in this regard is further validation of investor
interest in new uranium focused opportunities.
I look forward to the planned IPO of UEE with a high quality
collection of uranium interests and an exciting period of
exploration ahead.
Further updates will be provided to shareholders as material
progress occurs."
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
Sean Wade (Chief Executive Officer) +44 (0) 20 3778 1396
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
BlytheRay (PR Advisors) +44 (0) 20 7138 3204
Tim Blythe
Megan Ray
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.
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
grow the Company or may be returned to shareholders through share
buy backs, dividends or in-specie distributions of assets.
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END
UPDEANADFLEDFEA
(END) Dow Jones Newswires
December 13, 2023 04:45 ET (09:45 GMT)
Power Metal Resources (AQSE:POW.GB)
過去 株価チャート
から 11 2024 まで 12 2024
Power Metal Resources (AQSE:POW.GB)
過去 株価チャート
から 12 2023 まで 12 2024
