Power Metal Resources PLC Haneti Project - Commercial Update (1337O)
28 Mayo 2020 - 1:00AM
UK Regulatory
TIDMPOW
RNS Number : 1337O
Power Metal Resources PLC
28 May 2020
28 May 2020
Power Metal Resources plc ("POW" or the "Company")
Haneti Polymetallic Project - Commercial Update
Power Metal Resources plc (LON:POW) the AIM listed metals
exploration and development company is pleased to provide an update
in respect of commercial discussions relating to the Haneti
polymetallic project (the 'Project').
BACKGROUND:
On 15 March 2019 POW announced an Investment and Option
Agreement whereby POW could acquire up to a 35% interest in the
Project. This announcement may be viewed through the following
link:
https://www.powermetalresources.com/n/n105/investment-and-joint-venture-agreement-katoro-gold-plc-haneti-nickel-project
After due diligence POW duly acquired a 25% interest in the
Project on 15 May 2019 and held an option to acquire a further 10%
through a payment to Katoro of GBP25,000 by 15 May 2020, with the
option period subsequently extended to 31 May 2020 as announced on
15 May 2020.
In recent months Katoro has received approaches with a view to
earn-in, joint venture or other similar structures in respect of
the Project, with a primary focus on the nickel sulphide discovery
potential.
It is apparent that to crystallise the interest shown into a
potential commercial transaction, it is preferable, and possibly a
requirement, for Katoro and POW to restructure ownership of the
Project.
Katoro and POW will therefore continue to monitor the
development of any potential commercial transaction(s) before any
final agreement is agreed upon. In lieu of this, POW's option to
increase its holding in the Project has been extended to 31 August
2020. This will allow both parties the benefit of further
discussions and to carefully consider all available options based
on additional information.
Paul Johnson, Chief Executive Officer of Power Metal Resources
commented: "The Haneti Project is a significant opportunity, and it
is important to structure ownership in a way that optimises the
commercial pathway for the Project. I look forward to providing a
further update to the market in due course."
The information contained within this announcement is considered
to be inside information prior to its release, as defined in
Article 7 of the Market Abuse Regulation No.596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
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 +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 and development company exploring for the key metals
used in power generation, transmission, storage and utilisation.
The Board and team of advisors, who have proven expertise in
exploration, mining and project generation, have identified an
opportunity to utilise the Company's position to become a leader in
the London market for investors to gain exposure to the power metal
commodity suite, particularly cobalt, lithium, copper and
nickel.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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