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:
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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 (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.