Business
Acquisition of Pilot Mountain Project
Acquisition of Pilot Mountain Project.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8203Q\n Power Metal Resources PLC\n 01 November 2021\n \n \n \n 1 November 2021\n Power Metal Resources PLC\n (\"Power Metal\" or the \"Company\")\n Power Metal Acquires 100% of Pilot Mountain Project Nevada\n Power Metal and Wholly-Owned Subsidiary Golden Metal Resources Ltd Exercise Option to Acquire the Pilot Mountain Project, Nevada, USA\n \n \n Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces that the Company and its wholly-owned subsidiary Golden Metal Resources Ltd., (\"Golden Metal\") have exercised the option (the \"Option\") to acquire a 100% interest in the Pilot Mountain Project (\"Pilot Mountain\" or the \"Project\") located in Nevada, United States of America (\"USA\").\n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n \n Option Exercise:\n \n \n \n \n \n · \n Golden Metal will acquire a 100% interest in Pilot Mountain (the \"Acquisition\"), the consideration for which will be paid by Power Metal, as outlined in detail below, but principally including the issue of US$1.65million of Power Metal new ordinary shares of 0.1p each (\"Ordinary Shares\") at an issue price of 2.5p (\n 48,118,920 new Ordinary Shares - equivalent to 3.59% of current Power Metal issued share capital post transaction share issuance and subject to a minimum 6 month hold period ).\n \n \n \n \n \n Listing of Golden Metal:\n \n \n \n \n \n · \n Power Metal plans to spin-out Golden Metal into a new listing on the London capital markets. Golden Metal will hold 100% interests in Pilot Mountain together with the Garfield and Stonewall projects. Golden Metal will also hold the right to earn a 100% interest in the Golconda Summit project. All projects are located in Nevada, USA.\n \n \n \n \n \n · \n Further announcements will be made to outline listing plans and project exploration/development plans.\n \n \n \n \n \n Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:\n \n \"My thanks to the Thor Mining team for their support during the due diligence process, and to the Power Metal and Golden Metal team members and advisors for their work.\n \n \n Pilot Mountain is a project I am familiar with having served on the board of T...