10 June 2024
Power Metal Resources
PLC
("Power Metal" or the
"Company")
Update on RRR
Agreement
Power Metal Resources PLC
(AIM:POW, OTCQB:POWMF),
the London-listed exploration company with a global project
portfolio, announces an
update on the agreement with Red Rock Resources
PLC ("RRR") to conditionally dispose of its 49.9% interest in New
Ballarat Gold Corporation plc,
which wholly owns Red Rock
Australasia Pty Limited, the local operating company holding
exploration interests in the Victoria Goldfields, Australia and in South
Australia (the "Agreement").
As announced on 13th
March 2024, "Completion must occur within 13 weeks of 8 March
2024, being the date of the Heads of Terms, or the Agreement will
be terminated".
Given the long weekend due to the
public holiday in Australia on Monday 10th June 2024, the parties
have agreed a short extension of this long stop date to Tuesday
11th June 2024. An announcement in relation to the
transaction will therefore not be issued before Wednesday
12th June 2024.
This announcement contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 as it forms
part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018 ("MAR"), and is
disclosed in accordance with the Company's obligations under
Article 17 of MAR.
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 (Nomad
and Joint Broker)
|
|
Ewan Leggat/Caroline Rowe
|
+44 (0) 20 3470 0470
|
|
|
SI Capital Limited (Joint
Broker)
|
|
Nick Emerson
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+44 (0) 1483 413 500
|
|
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First Equity Limited (Joint
Broker)
|
|
David Cockbill/Jason
Robertson
BlytheRay (PR Advisors)
Tim Blythe/Megan Ray
|
+44 (0) 20 7330 1883
+44 (0) 20 7138 3204
|
NOTES TO EDITORS
Power Metal Resources plc -
Background
Power Metal Resources
plc (LON:POW) is an AIM 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 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.