Power Metal Resources plc has raised £1.3 million by issuing 130m ordinary shares each of 0.1 pence to UK-based high net worth investors and its first strategic Saudi Arabian investor.
The ordinary shares had an issue price of 1.0 pence per ordinary share, representing a premium of approximately 3.09% to the closing mid-market price of 0.97 pence per ordinary share on 31 January 2024.
No warrants will be issued in conjunction with the financing.
Following admission, the company’s issued share capital will comprise 2,213,468,324 ordinary shares of 0.1 pence each, with voting rights.
Power Metal will use the proceeds to accelerate “high impact” exploration initiatives and corporate activities across the group.