Power Metal Resources PLC - metals exploration company focused in North America, Africa and Australia - Says it has agreed to acquire Pardoo Resources Pty Ltd through its subsidiary FDR UK.
Pardoo is an Australian resource exploration project holding company which currently holds projects in trust for First Development Resources Pty Ltd, a wholly-owned Australian subsidiary of FDR UK.
Power Metal will make a payment of AUD7,000 Australian dollars, or GBP3,839, in cash to cover financial accounting costs and a further 300,000 new FDR UK shares at an issue price of 6.67 pence each. Following completion of the deal, Power Metal will hold 83% of FDR UK's shares, it adds.
Current stock price: 1.48 pence
12-month change: down 37%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Power Metal (POW)