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(Sharecast News) - Exploration and development company Power Metal Resources has acquired a 50% stake in a portfolio of base and strategic metal project interests in Botswana as part of a new strategic joint venture.
Power Metal snapped up the 2,680 square kilometre portfolio from Kavango Resources, forming a joint exploration company in the process, with the objective of floating the company as a Botswana-focused vehicle on a major stock exchange in 2021.
The AIM-listed group will pay £75,000 in cash for the portfolio and will also issue Kavango with 6.0m new ordinary shares in the group at a price of 1.25p each.
Power Metal also committed $150,000 over a two year period for exploration expenditure across the Ditau Camp and Kalahari Copper Belt projects.
Chief executive Paul Johnson said: "The new acquisition announced today is a significant development for Power Metal, adding further strategic metal projects into the business portfolio and in the secure, stable and supportive operating jurisdiction of Botswana.
"It is a pleasure to be working with the Kavango team who have considerable operational experience and a commitment to finding a new large-scale metal discovery in Botswana. This commercially focussed outlook is what we share at Power Metal. We have found the two teams have complementary skills and intend to blend our resources in the search for a metal discovery."
As of 0915 BST, Power Metal shares were up 6.96% at 1.23p.
16 May 2022 20:30
IN BRIEF: Power Metal investee First Class lands Pickle Lane permit
Power Metal Resources PLC - metals exploration company focused in North America, Africa and Australia - Investee First Class Metals PLC receives exploration permit for the Pickle Lake area in Ontario, Canada. Confirms arn-in joint venture partner Palladium One will launch drill programme at Pickle Lane. Power Metal has just over 36% stake in First Class.
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