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  5. IN BRIEF: Kavango enters option to take stake in Molopo Farms project

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Share Price Information for Power Metal (POW)

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Share Price: 18.50
Bid: 18.00
Ask: 19.00
Change: 0.00 (0.00%)
Spread: 1.00 (5.556%)
Open: 18.50
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Prev. Close: 18.50
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IN BRIEF: Kavango enters option to take stake in Molopo Farms project

Fri, 26th Nov 2021 12:16

Kavango Resources PLC - exploration company focussed on Botswana - Enters exclusive three-month option to buy just over 85% stake in Kalahari Key Mineral Exploration Pty Ltd in proposed all-share deal. KKME currently owns 100% of prospecting licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively known as the Molopo Farms project. Power Metal Resources PLC has an effective 40% project in Molopo Farms, which it will convert into equity on a pro-rated basis in KKME should the proposed acquisition complete.

Following proposed deal, Kavango would hold an interest of between 50.7% and 51.2% in KKME, Erima PLC would hold 9.3% and 8.9%, and Power Metal the remaining 40%.

Separately, Kanvago on Friday signs memorandum of understanding to accelerate its 90% ownership of the LVR joint venture in the Kalahari copper belt.

Current stock price: 5.372 pence, down 5.8% on Friday

Year-to-date change: up 92%

By Lucy Heming; lucyheming@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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IN BRIEF: Kavango Resources to start drilling at Ditau Camp project

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IN BRIEF: Power Metal extends Kavango's KKME option to March 18

Power Metal Resources PLC - London-based metals exploration company focused in North America, Africa and Australia - Botswana-focused Kavango Resources PLC's three-month option to acquire just over an 85% stake in Kalahari Key Mineral Exploration Pty Ltd - which owns 100% of prospecting licences PL310/2016, PL311/2016 and PL202/2018 in Botswana, collectively known as the Molopo Farms project - has been extended further to allow further progress in the option work programme to March 18.

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