REG - Power Metal Res. - Update on RRR Agreement

Power Metal ResourcesAnnouncement

10/06/2024 07:00

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RNS Number : 7065R  Power Metal Resources PLC  10 June 2024

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 13(th) 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 11(th) June 2024. An announcement in relation to the transaction will
therefore not be issued before Wednesday 12(th) 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/
(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                                                                    +44 (0) 1483 413 500

 First Equity Limited (Joint Broker)
 David Cockbill/Jason Robertson                                                  +44 (0) 20 7330 1883

 BlytheRay (PR Advisors)

 Tim Blythe/Megan Ray                                                            +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.

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