27 August 2024
Power Metal Resources
plc
("Power Metal" or the
"Company")
Update on Proposed Formation of
Uranium-Focused Joint Venture
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, with ACAM LP ("ACAM" or the
"Investor", together the "Parties").
Further to the Company's
announcements dated 3 June 2024 and 26 July 2024, advisors to ACAM
have confirmed that they have substantially completed their due
diligence in relation to the proposed transaction, and the
definitive legal documentation to the Joint Venture is in advanced
form, with all commercial terms as previously announced. The
Parties are, however, still working together to complete the Joint
Venture and the closing of the transaction. Accordingly, the
Parties have agreed to extend the period of exclusivity for the
transaction to 13 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:
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Power Metal Resources plc
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Sean Wade (Chief Executive
Officer)
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+44 (0) 20 3778 1396
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SP Angel Corporate Finance LLP
(Nomad and Joint Broker)
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Ewan Leggat/Caroline Rowe
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+44 (0) 20 3470 0470
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Tamesis Partners LLP (Joint
Broker)
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Richard Greenfield/Charlie Bendon
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+44 (0) 20 3882 2868
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BlytheRay (PR Advisors)
Tim Blythe/Megan Ray
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+44 (0) 20 7138 3204
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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.