Power Metal Resources gives breakdown of current funding position

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Power Metal Resources PLC (LON:POW) has released a review of current activities.

“Power Metal has multiple exploration programmes underway alongside significant corporate activities in and around certain of our projects,” said chief executive Paul Johnson.

“Given the extent of our activities I would like shareholders to also know that your company is in a strong financial position and is well funded to complete all its currently planned exploration work, including drilling programmes underway at present.”

In recent days Power Metal has updated on exploration activities in Botswana and Tanzania.

“After the current programme of extensive exploration activities to 31 March 2021 are complete and paid for, the company will still have significant financial resources and remain in a strong position,” added Johnson. 

Power Metal’s working capital position as at 12 January 2021 stood at approximately £2.72mln, including listed investments.

Power Metal has no debt, and all trade creditor invoices received by 12 January 2021 have been deducted from the working capital figure.

The company’s anticipated exploration and corporate spending for the period to 31 March 2021 is currently estimated at £600,000.

The company also published a table containing a detailed breakdown of its expenditure across all its various assets.

Separately, Power Metal also confirmed that its recent share price strength has meant that the volume weighted average price allows it to enforce the accelerated warrant clause contained in its recent fundraising. Power Metals won’t at this stage, however, invoke the accelerated exercise clause.

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