Power Metal Resources plc has raised £1.05 million through the issue of 60,000,000 new ordinary shares of 0.1p each.
The funds were raised at the closing market mid-price of 1.75p on 12 November, increasing the company’s working capital comprising solely cash and listed investments to circa £3m.
The new shares issued represent a dilution of 4.5% of current issued share capital.
Power Metal’s board was precluded from buying shares due to the possession of potentially price sensitive information.