Power Metal Resources plc raised £300,000 following completion of irrevocable insider warrant exercises.
Value Generation Ltd, a private company beneficially owned by Power Metal’s chief executive Paul Johnson, completed its irrevocable undertaking to exercise warrants to subscribe for 10 million new ordinary shares of 0.1p each at an exercise price of 1.0p per ordinary share raising £100,000.
Following admission of the new ordinary shares, Mr Johnson will hold 74.5m shares representing 6.12% in Power Metal.
RED ROCK RESOURCES
In addition, Red Rock Resources plc has completed its irrevocable undertaking to exercise warrants to subscribe for 20m new ordinary shares each at an exercise price of 1.0p, raising £200,000 for the Power Metal.
Red Rock chairman Andrew Bell is also chairman of Power Metal.
The warrants were issued in a financing during February 2019 in which Red Rock subscribed for 20m new ordinary shares, receiving twenty million warrants to acquire ordinary shares at a price of 1.0p per new ordinary share.
The expiry date of the warrants is 18 August 2021.
Power Metal said that Red Rock had irrevocably confirmed it would exercise the Warrants on 17 August 2021 and pay £200,000 exercise monies to the company.
Following admission of the new ordinary shares, Red Rock will hold 45m shares, representing 3.70% of the company.