Business
Completion of Sale of Schreiber-Hemlo Interests
Completion of Sale of Schreiber-Hemlo Interests.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5745P\n Power Metal Resources PLC\n 19 October 2021\n \n \n \n \n 19 October 2021\n \n \n Power Metal Resources plc \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n Completion of Sale of Schreiber-Hemlo Interests for £1 million\n \n \n Power Metal Completes the Transaction to sell its 100% owned Schreiber-Hemlo Interests to First Class Metals Ltd which is planning to list in London in Q4 2021\n \n \n Power Metal Resources plc (LON:POW), \n the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces completion of the sale of its Schreiber-Hemlo project interests located in Ontario, Canada, to First Class Metals Ltd (\"First Class\" or \"FCM\").\n \n \n The terms of the transaction were agreed on 07/09/21 and the related announcement may be viewed through the link below:\n \n \n \n https://www.londonstockexchange.com/news-article/POW/sale-of-schreiber-hemlo-interests/15125039\n \n \n \n \n Power Metal has arranged for the transfer of Schreiber-Hemlo claims held by its wholly-owned Canadian subsidiary Power Metal Resources Canada Inc (\"Power Metal Canada\") to FCM's wholly owned Canadian subsidiary.\n \n \n Power Metal Canada has been issued with 333,334 FCM shares at a price of £3 per share for total consideration of £1 million.\n \n \n Power Metal has also now subscribed for 9,588 shares in the pre-IPO financing of FCM at £3 per FCM share. The total subscription value of £28,764 has been paid to FCM.\n \n \n Power Metal now has an interest in 342,922 FCM shares representing circa 36.1% of FCM after allowance for the pre-IPO fundraise shares issued by FCM.\n \n \n Latest updates on FCM's progress may be viewed through the FCM website and the following link:\n \n \n \n https://www.firstclassmetalsplc.com/mining-news\n \n \n \n \n \n \n Whilst it is the intention of FCM to pursue a listing on a recognised stock exchange in London targeted for late 2021, there is no guarantee that the IPO of FCM will proceed, whether it will be able to raise additional equity funding or at what price it will issue new shares to potential investors.\n \n \n Paul Johnson, Chief Executive Officer of Power Metal Resources plc commented:\n \n \n \"Completion of this transaction sees Power Metal hold a significant interest in FCM, and we lo...