19th Jan 2021 20:12
Power Metal Resources PLC - metal exploration and development company - Says it has secured an exclusive 60-day option for a potential new acquisition of copper-gold focused exploration interests in the Paterson Province in the eastern Pilbara Region of Western Australia. Power Metal signs option agreement to acquire a 100% interest in First Development Resources PTY Ltd, an Australian private company holding the Wallal project and an option to acquire the Ripon Hills project. Option agreement fee of GBP30,000 is to be satisfied through the issue to vendors of one million Power Metal new ordinary shares at an issue price of 3 pence per share.
"Power Metal is keen to build its exposure to Australian base and precious metals exploration where there is, in our view, the potential for large scale metal discoveries in a secure and stable operating environment. Through our joint venture in the Victoria Goldfields, and subject to due diligence, through this acquisition, we will have operating interests in two of the major centres for exploration activity in Australia," says Chief Executive Officer Paul Johnson.
Current stock price: 3.0 pence
Year-to-date change: up 9.3%
By Arvind Bhunjun; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Power Metal