Business
Power Arabia Limited (“Power Arabia”) Update
Power Arabia Limited (“Power Arabia”) Update.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n\n12 March 2024\nPower Metal Resources PLC\n(\"Power Metal\" or the \"Company\")\nPower Arabia Limited (\"Power Arabia\") Update\nPower Metal Resources PLC (AIM:POW), the London listed exploration company with a global project portfolio, is pleased to update shareholders on the progress being made through its 100% owned subsidiary company, Power Arabia Ltd (\"Power Arabia\").\nHighlights:\n· Memorandum of Understanding (\"MoU\") signed with Ministry of Investment of the Kingdom of Saudi Arabia (\"MISA\") at Future Minerals Forum, as announced on 12 January 2024\n· Power Arabia has been established to encompass all of POW's activities across the Arabian Gulf (the \"region\"). This could also include projects outside the Gulf in joint venture with entities domiciled within the region\n· Several binding MoUs for potential joint ventures on existing exploration licences are currently in the final stage of negotiation and, assuming execution of one or more of these, initial groundwork is expected to commence in April, after Ramadan and Eid al-Fitr.\n· Power Arabia is currently undergoing a pre-IPO financing round to fund activities in the region with a view to a listing on the London capital markets in due course\n· Conversations are progressing with investors, both from the Gulf and internationally, who have indicated significant interest in a regionally focused investment vehicle\n \nSean Wade, Chief Executive Officer of Power Metal Resources plc, commented: \n\"I am very pleased to update shareholders on the progress we are making in this exciting part of our business. We have now made several trips to the region and are establishing ourselves as a credible partner for a number of existing licence holders. We are currently looking at formal arrangements to acquire suitable exploration opportunities with various separate entities, of which several are currently close to execution. It is clear that our successful incubator model has resonated with regional investors and we are intending to shortly complete a financing round for Power Arabia with a view to completing transactions in the region and getting started on meaningful exploration work.\nAs has been the case with previous portfolio transactions, POW is expected to retain...