Power Metal Resources PLC - metals exploration company focused in North America, Africa and Australia - Will acquire additional 59% interest in Kalahari Key Mineral Exploration Pty Ltd, leading to Power Metal becoming operator of the Molopo Farms complex project in Botswana.
Power Metal is to pickup an addition 15,002 shares in Kalahari Key of GBP807,348, payable through the issue of 46.1 million shares at a price of 1.75p each. This increases Power Metal's interest in Kalahari Key to 88%.
Once made operator, Power Metal will look to accelerate exploration, including a next stage drill programme.
"We have today conditionally secured an increase to an 87.71% interest in Kalahari Key, which on completion will have a 100% ownership interest in the Molopo Farms Complex project in Botswana. The MFC project delivered excellent initial drill results last year, which we now intend to follow up at some pace as the operator of the project," said Chief Executive Officer Paul Johnson.
Current stock price: 1.39 pence
12-month change: down 44%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Power Metal (POW)