19 June 2024
Power Metal Resources PLC
("Power Metal" or the "Company")
Completion of Disposal of Victoria Goldfields JV Interest
Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, is pleased to confirm that further to the announcement of 12 June 2024, the disposal of the Company's 49.9% interest in New Ballarat Gold Corporation plc ("NBGC") , which wholly owns Red Rock Australasia Pty Limited ("RRAL"), the local operating company holding exploration interests in the Victoria Goldfields, Australia and in South Australia, has now completed.
Accordingly, the Company has been issued 166,666,667 new ordinary shares in Red Rock Resources plc ("RRR"), and now owns 3.87 per cent. of RRR.
The Company has also been issued with a £250,000 convertible loan note and 100,000,000 warrants exercisable into RRR ordinary shares, for three years at a price of 0.15 pence per share.
For further information please visit https://www.powermetalresources.com/ or contact:
| Power Metal Resources plc | |
| Sean Wade (Chief Executive Officer)
| +44 (0) 20 3778 1396 |
| | |
| SP Angel Corporate Finance LLP (Nomad and Joint Broker) | |
| Ewan Leggat/Caroline Rowe
| +44 (0) 20 3470 0470 |
| | |
| Tamesis Partners LLP (Joint Broker) | |
| Richard Greenfield/Charlie Bendon | +44 (0) 20 3882 2868 |
| | |
|
BlytheRay (PR Advisors) Tim Blythe/Megan Ray |
+44 (0) 20 7138 3204 |
| |
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (AIM:POW, OTCQB:POWMF) is a London-listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa, Saudi Arabia and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie distributions of assets.
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