(Alliance News) - Power Metal Resources PLC on Monday said it completed the acquisition of 75% of GSA (Environmental) Ltd shares, as previously announced in late February.
Following successful completion of due diligence and customary pre-conditions, London-based mineral exploration company Power Metal said all parties have executed on the share purchase agreement.
In February, Power Metal said it would pay an initial GBP75,000 through the issue of new shares, while the maximum total consideration for the acquisition is GBP1 million, payable in cash or shares. This was confirmed again by Power Metal on Monday.
GSA is a privately owned UK-headquartered engineering technology provider and process licensor, Power Metal explained, which "specialises in the extraction of critical and strategic metals from 'secondary sources' including power station ash, refinery waste, titanium dioxide waste and spent catalysts focused on creating a suite of by products rather than industrial waste".
Power Metal said GSA "aspires to be the first-choice global provider of technological solutions to environmental problems posed by toxic metals in waste products".
"We have very exciting plans for this business and are looking forward to updating shareholders soon on contract signings and progress towards a significant revenue contribution to the Power Metal portfolio," said Power Metal Chief Executive Officer Sean Wade.
Shares in Power Metal were down 1.0% to 14.85 pence each in London on Monday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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Power Metal (POW)