Power Metal Resources PLC Katoro Gold Update (9426J)
22 Agosto 2019 - 12:40PM
UK Regulatory
TIDMPOW
RNS Number : 9426J
Power Metal Resources PLC
22 August 2019
22 August 2019
Power Metal Resources plc ("POW" or the "Company")
Katoro Gold Update
Power Metal Resources plc (LON:POW) the AIM listed African
focused metals exploration and development company is pleased to
draw investors' attention to the announcement issued today by
Katoro Gold plc (LON: KAT)("Katoro Gold")("Katoro").
Power Metal Resources holds 10,000,000 shares representing 5.90%
of Katoro Gold's issued share capital. In addition, POW also holds
10,000,000 warrants in Katoro Gold exercisable at 1.25p (2,500,000
warrants expiring on 15 March 2022 and 7,500,000 warrants expiring
on 15 May 2022).
POW also has a 25% interest in Katoro Gold's Haneti Nickel
project in Tanzania, with a right to increase its interest to 35%
by a payment to Katoro Gold of GBP25,000 in cash by 15 May
2020.
Katoro has today announced that it has agreed a term sheet for
the proposed disposal of 100% of Katoro's wholly owned subsidiary,
Reef Miners Limited, which owns the Imweru gold project and the
Lubando gold project in northern Tanzania to Lake Victoria Gold
Limited.
Katoro will receive total staged cash consideration of up to
US$1.0 million and a 1.5% Net Smelter Royalty ("NSR").
The proposed disposal allows for development of the projects
utilising external resources, with Katoro retaining project
exposure through the option to exchange cash consideration for
shares in Lake Victoria Gold Limited, and from the 1.5% NSR.
Katoro is to focus its resources on the development of a
portfolio of assets focused on the battery metals sector including
the Haneti nickel project which has attracted significant interest
from investors.
Investors wishing to view the Katoro Gold announcement may do so
through the following link:
https://polaris.brighterir.com/public/katoro_gold/news/rns/story/wk08kox/export
For further information please visit
https://www.powermetalresources.com/ or contact:
Power Metal Resources plc
Paul Johnson (Executive Director) +44 (0) 7766 465 617
SP Angel Corporate Finance (Nomad and Joint Broker)
Ewan Leggat +44 (0) 20 3470 0470
SI Capital Limited (Joint Broker)
Nick Emerson +44 (0) 1483 413 500
Notes to Editors:
Power Metal Resources plc (LON:POW) is an AIM listed African
focused metals exploration and development company exploring for
the key metals used in power generation, transmission, storage and
utilisation. The Board and team of advisors, who have proven
expertise in exploration, mining and project generation, have
identified an opportunity to utilise the Company's position to
become a leader in the London market for investors to gain exposure
to the power metal commodity suite, particularly cobalt, lithium,
copper and nickel.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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