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Power Metal Resources PLC - London-based metals exploration company focused in North America, Africa and Australia - Agrees to sell its 100%-owned Reitenbach uranium property, in the Athabasca Basin in northern Saskatchewan, Canada, to Teathers Financial PLC for £360,000 in new shares and £10,000 cash. Power Metal will receive 98.7 million shares at 0.35 pence each. Firm notes its subsidiary Power Sask will retain 2% a net smelter return royalty for the project. Says the subsidiary still holds 9 uranium properties after Reitenbach sale.
Says Teathers Financial is in ‘advance stages’ of a business turnaround, hoping to become a uranium focused exploration company and also plans to list on the ‘London equity capital markets’. Targetting IPO in third quarter of 2022.
Power Metal Chief Executive Paul Johnson says: ‘With the refocussing of Teathers into a uranium exploration vehicle with Reitenbach as their flagship property, we believe the proposition will attract pre-IPO and IPO financing interest, and trade successfully as a listed vehicle.’
Firm expects to hold 40% to 55% of Teathers on listing.
Current stock price: 0.87 pence
12-month change: down 57%
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