Last checked at 25 Mar 2024 07:00
25 March 2024
Power Metal Resources PLC
("Power Metal" or the "Company")
Uranium Energy Exploration ("UEE") Update
Power Metal Resources PLC (AIM:POW), the London listed exploration company with a global project portfolio is pleased to provide an update on the planned IPO of a number of its uranium interests using Uranium Energy Exploration plc (UEE) as a vehicle to achieve an admission to AIM.
Sean Wade, Chief Executive Officer of Power Metal Resources PLC commented:
"The marketing process for the planned IPO of UEE continues to attract significant interest from a range of investors, including institutional investors, HNWs and retail investors in the UK and elsewhere, including a potential cornerstone investor.
However, a number of significant potential strategic investors have indicated their preference for alternative deal structures which may include a different combination of assets, or an enlarged asset set with an enhanced business model.
The Board of Power Metal is therefore considering, from its point of view, all options and will revert in due course on the progress of those discussions and how this would affect the proposed IPO of UEE both in terms of timing and structure."
Shareholders should note that there can be no certainty that any transaction will be completed with POW's uranium interests.
Shareholders should also note that Sean Wade is a director of both Power Metal and UEE.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
For further information please visit https://www.powermetalresources.com/ or contact:
Power Metal Resources plc | |
Sean Wade (Chief Executive Officer)
| +44 (0) 20 3778 1396 |
SP Angel Corporate Finance (Nomad and Joint Broker) | |
Ewan Leggat/Caroline Rowe/Harry Davies-Ball
| +44 (0) 20 3470 0470 |
SI Capital Limited (Joint Broker) | |
Nick Emerson
| +44 (0) 1483 413 500 |
First Equity Limited (Joint Broker) | |
David Cockbill/Jason Robertson
BlytheRay (PR Advisors) Tim Blythe/Megan Ray | +44 (0) 20 7330 1883
+44 (0) 20 7138 3204 |
NOTES TO EDITORS
Power Metal Resources plc - Background
Power Metal Resources plc (LON:POW) is an AIM listed metals exploration company which finances and manages global resource projects and is seeking large scale metal discoveries.
The Company has a principal focus on opportunities offering district scale potential across a global portfolio including precious, base and strategic metal exploration in North America, Africa and Australia.
Project interests range from early-stage greenfield exploration to later-stage prospects currently subject to drill programmes.
Power Metal will develop projects internally or through strategic joint ventures until a project becomes ready for disposal through outright sale or separate listing on a recognised stock exchange thereby crystallising the value generated from our internal exploration and development work.
Value generated through disposals will be deployed internally to drive the Company's growth or may be returned to shareholders through share buy backs, dividends or in-specie