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Power Metal Resources PLC - London-based metals exploration company focused in North America, Africa and Australia - Buys three uranium properties covering 271 square kilometres surrounding the Athabasca Basin in northern Saskatchewan, Canada, for a total of C$137,500, equivalent of £88,872. Says the acquisition brings the total of the company's uranium interests to ten properties, encompassing 721 square kilometres.
Power Metal says the acquisition will be payable as C$25,000 cash and C$112,500 through the issue of 5.7 million shares at 1.275 pence. The company says multiple uranium-rich occurrences have been discovered within all three properties, called Reindeer Lake, Old Woman Rapids and Porter Lake, respectively.
Chief Executive Officer Paul Johnson says: ‘The scale of this holding presents a significant project package especially given the importance of the highly prospective uranium exploration in the region. We are also looking to add further ground to our holdings.’
Current stock price: 0.91 pence, down 4.6% on Wednesday
12-month change: down 54%
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