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/
or
contact:
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Power Metal Resources plc
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Sean Wade (Chief Executive
Officer)
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+44 (0)
20 3778 1396
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SP Angel Corporate Finance LLP
(Nomad and Joint Broker)
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Ewan Leggat/Caroline Rowe
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+44 (0)
20 3470 0470
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Tamesis Partners LLP (Joint
Broker)
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Richard Greenfield/Charlie Bendon
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+44 (0)
20 3882 2868
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BlytheRay (PR Advisors)
Tim Blythe/Megan Ray
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+44 (0) 20 7138
3204
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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.