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LONDON - Power Metal Resources PLC (AIM:POW), a London-listed natural resources exploration company, announced Monday that shareholders approved all five special resolutions at its General Meeting.
The approved measures include the reduction and cancellation of paid-up capital on Deferred Shares and Deferred A Shares, cancellation of the company's Share Premium Account and Capital Redemption Reserve, and amendments to the Articles of Association to reflect the cancellation of Non-Voting Shares.
All resolutions received overwhelming support, with approval rates ranging from 99.91% to 99.96%. The company noted that the Share Capital Reduction will not affect the number of Ordinary Shares in issue, which stands at 115,610,437 as of November 10, nor will it impact their nominal value or associated rights.
According to the company's statement, the changes primarily relate to the accounting treatment of Power Metal's Share Premium Account and Capital Redemption Reserve rather than affecting the ordinary share structure.
Power Metal Resources describes itself as a project incubator with a global portfolio focused on opportunities offering district scale potential across precious, base, and strategic metal exploration in North America, Africa, Saudi Arabia, Oman, and Australia.
The information was provided in a press release statement issued by the company following the General Meeting.
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