POW.L

Power Metal Resources Plc
Power Metal Res. - Update on Proposed Formation of Uranium-Focused JV
16th September 2024, 06:00
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RNS Number : 2288E
Power Metal Resources PLC
16 September 2024
 

16 September 2024

Power Metal Resources plc

("Power Metal" or the "Company")

Update on Proposed Formation of Uranium-Focused Joint Venture 

Completion of Legal Due Diligence and Finalisation of Transaction Documents

Power Metal Resources plc (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, announces an update on the intended formation of a uranium-focused joint venture (the "Joint Venture") involving Power Metal's entire portfolio of uranium licences.

A special purpose vehicle has been formed, UCAM Ltd, an affiliate of ACAM LP, which is currently intended to be the counterparty to the transaction ("UCAM" or the "Investor", together with the Company, the "Parties").

Further to the Company's announcement of 27 August 2024, the Parties are pleased to confirm that all required workstreams with respect to the legal due diligence are now complete and the preparation of the definitive legal transaction documents for the transaction are now in substantially final form.

However, certain administrative tasks relating to the finalisation of the financing arrangements by the Investor remain outstanding.

Accordingly, the Parties have agreed to extend the period of exclusivity for the transaction to 27 September 2024.

Whilst no guarantee of completion can be provided, the Parties fully expect completion within that period and the Company will update shareholders in due course.

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 an AIM-traded 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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