Business
Kalahari Key Botswana - Acquisition
Kalahari Key Botswana - Acquisition.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n 18 May 2022\n \n \n Power Metal Resources PLC (\"Power Metal\" or the \"Company\")\n \n \n \n Kalahari Key Botswana - Acquisition\n \n \n \n \n Power Metal Resources Signs Conditional Agreement to Acquire Additional 58.7% interest in Kalahari Key Mineral Exploration Pty Limited and Become Operator of the Molopo Farms Complex Project\n \n \n \n \n \n \n \n \n Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio\n \n announces an acquisition update in respect of Kalahari Key Mineral Exploration (Pty) Limited (\"Kalahari Key\" or \"KKME\").\n \n \n Kalahari Key has a single project 60% interest in the Molopo Farms Complex Project (the \"Project' or the \"MFC Project\") targeting a large-scale nickel - platinum group metal (\"PGM\") discovery in southwest Botswana. \n \n \n HIGHLIGHTS:\n \n \n §\n Power Metal has signed a conditional agreement to acquire an additional 58.7% interest in the share capital of Kalahari Key.\n \n \n §\n Power Metal to acquire a further 15,002 Kalahari Key shares for £807,348 payable through the issue of 46,134,171 new ordinary shares of 0.1 pence each in the Company (\"Ordinary Shares\") shares at a price of 1.75p per new Ordinary Share. Full transaction details below).\n \n \n §\n Following completion and a restructuring of the MFC Project interest Power Metal will hold 87.71% of Kalahari Key which will wholly own the Molopo Farms Complex Project on completion (an increase of approx. 35% from the current circa 53% MFC Project effective economic interest held by Power Metal).\n \n \n §\n Power Metal will become operator of the Project with immediate effect and will look to accelerate exploration, including a next stage drill programme.\n \n \n Paul Johnson, Chief Executive Officer of Power Metal Resources PLC, commented:\n \"We have today conditionally secured an increase to an 87.71% interest in Kalahari Key, which on completion will have a 100% ownership interest in the Molopo Farms Complex Project in Botswana.\n \n \n The MFC project delivered excellent initial drill results last year, which we now intend to follow up at some pace as the operator of the Project.\n \n \n Our target remains a large-scale nickel sulphide discovery and should we successfully move along that ...