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Power Metal Resources PLC - London-based metals exploration company focused in North America, Africa and Australia - Buys three uranium properties covering 271 square kilometres surrounding the Athabasca Basin in northern Saskatchewan, Canada, for a total of CAD137,500, equivalent of GBP88,872. Says the acquisition brings the total of the company's uranium interests to ten properties, encompassing 721 square kilometres.
Power Metal says the acquisition will be payable as CAD25,000 cash and CAD112,500 through the issue of 5.7 million shares at 1.275 pence. The company says multiple uranium-rich occurrences have been discovered within all three properties, called Reindeer Lake, Old Woman Rapids and Porter Lake, respectively.
Chief Executive Officer Paul Johnson says: "The scale of this holding presents a significant project package especially given the importance of the highly prospective uranium exploration in the region. We are also looking to add further ground to our holdings."
Current stock price: 0.91 pence, down 4.6% on Wednesday
12-month change: down 54%
By Xindi Wei; xindiwei@alliancenews.com
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