Power Metal Resources PLC Update on RRR Agreement

RNS Number : 5922P

Power Metal Resources PLC

11 December 2024

 

11 December 2024

Power Metal Resources PLC

("Power Metal" or the "Company")

Update on RRR Agreement

Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, announces  a further update to the agreement with Red Rock Resources PLC ("RRR") to dispose of its 49.9% interest in New Ballarat Gold Corporation plc, which wholly owns Red Rock Australasia Pty Limited, the local operating company holding exploration interests in the Victoria Goldfields, Australia and in South Australia (the "Agreement").

Further to the announcement of 12 June 2024, on 10 December 2024, an amendment to the Agreement was made between the Company and RRR (together the "Parties"). The key amended terms are set out below:

·    £200,000 of the £250,000 sum, payable in cash nine months after completion of the disposal of the Company's holding in New Ballarat Gold Corporation plc (the "Completion"), has been paid by RRR. The remaining £50,000 and some other sums owed will be rescheduled to 20 January 2025.

·    The £250,000 convertible loan notes issued to the Company at Completion and expiring on 19 December 2024 will instead be repaid in cash on 19 March 2025.

·    The 166,666,667 RRR warrants issued to Power Metal and expiring three years after the date of issue will be repriced to an exercise price of 0.041 pence each.

 

For further information please visit https://www.powermetalresources.com/ or contact:

Power Metal Resources plc
Sean Wade (Chief Executive Officer)	[phone]
SP Angel Corporate Finance LLP (Nomad and Joint Broker)
Ewan Leggat/Caroline Rowe	[phone]
Tamesis Partners LLP (Joint Broker)
Richard Greenfield/Charlie Bendon	[phone]
BlytheRay (PR Advisors) Tim Blythe/Megan Ray	[phone]

 

NOTES TO EDITORS

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.

 

 

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