Power Metal Resources plc has raised a total of £1,080,000 via two placings, including one by a single investor, to fund drilling at its nickel sulphide project at Molopo Farms Complex, Botswana.
PLACINGS
The company said that the financing would also enable potential expansion of other priority exploration activities.
In the first placing, Power Metal issued 57,142,857 new ordinary shares of 0.1p each in the company at an issue price of 1.4p per share.
Each financing share has an attaching warrant to subscribe for one new ordinary share of 0.1p each at an exercise price of 2p with a 12-month term from 19 September 2022 creating 57,142,857 financing warrants.
The company’s joint broker First Equity Ltd undertook the financing and received 5,714,286 warrants from Power Metal to subscribe for new ordinary shares on the same terms as the financing warrants.
In the second placing, the company issued 20,000,000 new ordinary shares of 0.1p each at an issue price of 1.4p per share, to a single new investor.
Power Metal issued First Equity Ltd with a further 2,000,000 warrants.