Business
FDR Australia - Corporate Update
FDR Australia - Corporate Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n 11 May 2022\n \n \n \n Power Metal Resources PLC\n \n \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n \n \n First Development Resources Australia - Corporate Update\n \n \n \n \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 a corporate update for its 83.33% owned subsidiary First Development Resources Limited (\"FDR UK\").\n \n \n \n ACQUISITION OF PARDOO RESOURCES PTY LIMITED\n \n \n \n \n Background\n \n \n \n Power Metal has signed an Agreement (\"Agreement\") for the 100% acquisition of Pardoo Resources Pty Limited (\"Pardoo\") by FDR UK.\n \n \n Pardoo is an Australian resource exploration project holding company which currently holds projects in trust for First Development Resources Pty Limited (\"FDR Australia\"), a wholly owned Australian subsidiary of FDR UK.\n \n \n The projects held in trust are in the Paterson Province of Western Australia (the Paterson \"Interests\" or \"Projects\") and include:\n \n \n - Wallal West 1 Project (E45/5853) a granted exploration licence which covers 96km2;\n \n \n - Wallal West 2 Project (E45/5880) a granted exploration licence covering 86km2 and;\n \n \n - Braeside West Project (E45/5854) a granted exploration licence covering 137km2.\n \n \n FDR UK acquired a 100% interest in FDR Australia on 29 October 2021 and the announcement in respect of the acquisition may be viewed through the following link:\n \n \n \n \n https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-australia/15193248\n \n \n \n \n The acquisition of Pardoo expedites the corporate restructuring of FDR UK, its subsidiaries & interests and allows FDR UK to avoid a costly and time-consuming inter-company transfer of strategically important exploration licences which are now within the FDR UK group holding company structure.\n \n \n Pardoo Acquisition Terms\n \n \n For the acquisition of the entire share capital of Pardoo by FDR UK, the consideration payable to the shareholders of Pardoo (the \"Vendors\") is as follows:\n \n \n - FDR UK will pay consideration of AU$7,000 (£3,839) in cash\n \n \n - The Vendors will receive 300,000 new FDR UK Ordinary Shares at an issue price of 6.67 pence per share (a value of ...