TIDMPOW
RNS Number : 5745P
Power Metal Resources PLC
19 October 2021
19 October 2021
Power Metal Resources plc
("Power Metal" or the "Company")
Completion of Sale of Schreiber-Hemlo Interests for GBP1
million
Power Metal Completes the Transaction to sell its 100% owned
Schreiber-Hemlo Interests to First Class Metals Ltd which is
planning to list in London in Q4 2021
Power Metal Resources plc (LON:POW), the London listed
exploration company seeking large-scale metal discoveries across
its global project portfolio, announces completion of the sale of
its Schreiber-Hemlo project interests located in Ontario, Canada,
to First Class Metals Ltd ("First Class" or "FCM").
The terms of the transaction were agreed on 07/09/21 and the
related announcement may be viewed through the link below:
https://www.londonstockexchange.com/news-article/POW/sale-of-schreiber-hemlo-interests/15125039
Power Metal has arranged for the transfer of Schreiber-Hemlo
claims held by its wholly-owned Canadian subsidiary Power Metal
Resources Canada Inc ("Power Metal Canada") to FCM's wholly owned
Canadian subsidiary.
Power Metal Canada has been issued with 333,334 FCM shares at a
price of GBP3 per share for total consideration of GBP1
million.
Power Metal has also now subscribed for 9,588 shares in the
pre-IPO financing of FCM at GBP3 per FCM share. The total
subscription value of GBP28,764 has been paid to FCM.
Power Metal now has an interest in 342,922 FCM shares
representing circa 36.1% of FCM after allowance for the pre-IPO
fundraise shares issued by FCM.
Latest updates on FCM's progress may be viewed through the FCM
website and the following link:
https://www.firstclassmetalsplc.com/mining-news
Whilst it is the intention of FCM to pursue a listing on a
recognised stock exchange in London targeted for late 2021, there
is no guarantee that the IPO of FCM will proceed, whether it will
be able to raise additional equity funding or at what price it will
issue new shares to potential investors.
Paul Johnson, Chief Executive Officer of Power Metal Resources
plc commented:
"Completion of this transaction sees Power Metal hold a
significant interest in FCM, and we look forward to FCM's progress
with exploration and corporate activities in the weeks and months
ahead.
Notably we look forward to the planned listing of FCM on the
London capital markets and the value generative opportunity this
could present for Power Metal.
This is the first completed corporate disposal/spin-out event
for the Company, with a number of other potential spin-out
transactions currently in progress.
The Power Metal business is focused on exploration to secure
major metal discoveries, however our corporate disposal/spin-out
developments have the potential to dramatically build our working
capital and provide considerable financial backing to our
significant exploration ambitions across the portfolio."
ABOUT FIRST CLASS METALS
First Class Metals Limited i s a minerals exploration company
focused on proving and developing the significant potential of
their flagship property North Hemlo as well as systematic
exploration of the Esa, Sugar Cube, McKellar, Magical, Enable and
Coco East projects, totalling 176km(2) in the Hemlo - Harte gold
mines region in the Western portion of the Wawa-Abitibi Gold Belt
of Ontario, Canada
Geologically the claim blocks are located within the
Schreiber-Hemlo Greenstone Belt with target minerals gold, silver,
base and battery metals in typical Archaean / Hemlo style
mineralised settings.
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/ or contact:
Power Metal Resources plc
Paul Johnson (Chief Executive Officer) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat/Charlie Bouverat +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
Notes to Editors:
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 and base 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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END
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October 19, 2021 11:15 ET (15:15 GMT)
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