Power Metal Resources has attracted substantial support in its latest funding round, with Term Oil, led by Rick Rule, committing to an investment of up to £1 million.
Rule, a high-profile Canadian mining investor and a significant figure at the investment firm Sprott, will provide a minimum of £0.5 million through Term Oil.
Power Metal is targeting a total raise of £2.71 million by offering shares at 0.85p each, accompanied by exercisable warrants at 2p.
Sean Wade, the CEO of Power Metal, will also participate by subscribing to nearly £100,000 worth of shares in the offering.
Reacting to this development, Wade stated: “I am extremely pleased to announce this capital raise and assure shareholders that we are now well-positioned to further our exploration activities, especially regarding our uranium portfolio.
“I am also thrilled to add Rick Rule’s Term Oil to our register and welcome the new shareholders coming on board with his backing.
“This not only strongly validates our business model but also sets us on a solid path to continue achieving our goal of uncovering the considerable latent value in our portfolio.”
