REG - Power Metal Res. - Update on RRR Agreement

Power Metal ResourcesAnnouncement

11/12/2024 07:00

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RNS Number : 5922P  Power Metal Resources PLC  11 December 2024

11 December 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  a further
update to the agreement with Red Rock Resources PLC ("RRR") to 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").

Further to the announcement of 12 June 2024, on 10 December 2024, an amendment
to the Agreement was made between the Company and RRR (together the
"Parties"). The key amended terms are set out below:

·    £200,000 of the £250,000 sum, payable in cash nine months after
completion of the disposal of the Company's holding in New Ballarat Gold
Corporation plc (the "Completion"), has been paid by RRR. The remaining
£50,000 and some other sums owed will be rescheduled to 20 January 2025.

·    The £250,000 convertible loan notes issued to the Company at
Completion and expiring on 19 December 2024 will instead be repaid in cash on
19 March 2025.

·    The 166,666,667 RRR warrants issued to Power Metal and expiring three
years after the date of issue will be repriced to an exercise price of 0.041
pence each.

 

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 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 (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.

 

 

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