Power Metal Resources PLC on Monday updated on the planned initial public offering of a number of its uranium interests using Uranium Energy Exploration PLC as a vehicle to achieve an admission to AIM.

Shares in the metals exploration company closed down 9.8% to 0.70 pence each in London on Monday.

Chief Executive Sean Wade said the marketing process for the planned IPO of Uranium Energy Exploration ‘continues to attract significant interest from a range of investors, including institutional investors, HNWs and retail investors in the UK and elsewhere, including a potential cornerstone investor.’

‘However, a number of significant potential strategic investors have indicated their preference for alternative deal structures which may include a different combination of assets, or an enlarged asset set with an enhanced business model,’ Wade added.

The company is therefore considering ‘all options and will revert in due course on the progress of those discussions and how this would affect the proposed IPO of UEE both in terms of timing and structure.’

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