First Development Resources targets July 29 debut on AIM

(Alliance News) - Power Metal Resources PLC on Friday said that its subsidiary First Development Resources PLC plans to join London's AIM market on July 29.

London-based mining company PMR on its website states that it has a 58.60% interest in FDR, which focuses on Australia. FDR has three prospective gold-copper projects and one project with potential for gold, uranium, rare-earth elements and lithium. The latter is called the Selta project, and has been at the forefront of publicity for FDR's IPO. The company hopes Selta will profit from "the ever-growing demand for battery metals including lithium" which are currently in short supply.

Upon listing, FDR expects to raise GBP2.3 million, and is targeting a market capitalisation of GBP7 million. PMR's market capitalisation is around GBP16.7 million - its shares were down marginally at 14.40 pence each on Friday afternoon in London.

"I am very pleased to be able to update shareholders that the First Development Resources IPO is now expected to complete with a listing on AIM in the coming weeks," commented PMR Chief Executive Sean Wade.

"Market conditions have demonstrably improved of late, which has enabled us to fulfil our commitment to shareholders by bringing this exciting collection of assets to the market."

Power Metal Resources shares were 0.7% lower at 14.40 pence each on Friday afternoon on the AIM market in London.

By Holly Munks, Alliance News reporter

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