Power Metal Resources has raised £900,000 before expenses from a completed placing and subscription.
FINANCING
The company issued 64,285,714 new ordinary shares of 0.1p each in the company at an issue price of 1.4p per share, the closing market bid price on 13 January 2023.
Each financing share has an attaching warrant to subscribe for one new ordinary share of 0.1p each in the company at an exercise price of 2.0p per share with a 24-month term from 30 January 2023, creating 64,285,714 financing warrants.
Following admission, Power Metal’s issued share capital will comprise 1,727,574,806 ordinary shares of 0.1p each, with voting rights.
USES
Proceeds will help advance the company’s priority exploration of the Tati gold and Athabasca region uranium projects in Botswana and Canada respectively, and contribute to general working capital purposes.