Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in respect of the acquisition of an additional 58.7% interest in Kalahari Key Mineral Exploration PTY Limited (“Kalahari Key” or “KKME”) (the “Transaction”).
Kalahari Key has a single project 60% interest in the Molopo Farms Complex Project (the “Project’ or “Molopo Farms”) targeting a large-scale nickel – platinum group metal (“PGM”) discovery in southwest Botswana.
The conditional acquisition was originally announced on 18 May 2022 which may be viewed through the following link:
https://www.londonstockexchange.com/news-article/POW/kalahari-key-botswana-acquisition/15458701
HIGHLIGHTS:
– The Company has received written confirmation that all Botswana regulatory approvals required to enable the Transaction to proceed have now been received.
– Following receipt of the approvals the Company is now working with the Kalahari Key Board and advisers in Botswana to complete the Transaction.
– Following Transaction completion, Power Metal will hold an 87.71% interest in Kalahari Key which will hold a 100% interest in Molopo Farms.
– A further announcement to follow shortly including confirmation of the issue of equity consideration to Kalahari Key shareholders disposing of their interest to Power Metal.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:
“The receipt of all Botswana regulatory approvals for the Transaction is a significant event for the Company, and after the various administrative tasks are completed Power Metal will hold an 87.71% interest in Kalahari Key.
On behalf of Power Metal I would like to thank the authorities in Botswana and our advisers for their handling of the approvals process, and the Kalahari Key team who are working with us to complete the Transaction.
Shareholders will be aware we are currently undertaking the largest drill programme the Company has conducted at Molopo Farms and to complete the Transaction at this juncture is particularly significant.
Further announcements will follow with regard to Transaction completion and with operational updates from the Molopo Farms ongoing drill programme.”
Further information in respect of Molopo Farms may be viewed on the Company’s website through the following link:
https://www.powermetalresources.com/project/molopo-farms-complex/
In addition photographs and videos from the Project are and will be available on the Company’s website gallery section, through the following link:
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
Paul Johnson (Chief Executive Officer)
+44 (0) 7766 465 617
