REG - Power Metal Res. - Victoria Goldfields Interest Disposal Completion

Power Metal ResourcesAnnouncement

19/06/2024 07:00

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RNS Number : 9563S  Power Metal Resources PLC  19 June 2024

19 June 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Completion of Disposal of Victoria Goldfields JV Interest

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed
exploration company with a global project portfolio, is pleased to confirm
that further to the announcement of 12 June 2024, the disposal of the
Company's 49.9% interest in New Ballarat Gold Corporation
plc ("NBGC") , which wholly owns Red Rock Australasia Pty Limited
("RRAL"), the local operating company holding exploration interests in the
Victoria Goldfields, Australia and in South Australia, has now completed.

Accordingly, the Company has been issued 166,666,667 new ordinary shares in
Red Rock Resources plc ("RRR"), and now owns 3.87 per cent. of RRR.

The Company has also been issued with a £250,000 convertible loan note and
100,000,000 warrants exercisable into RRR ordinary shares, for three years at
a price of 0.15 pence per share.

 

 

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 - Background

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.

 

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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