Business
Uranium Acquisitions - Athabasca Basin Canada
Uranium Acquisitions - Athabasca Basin Canada.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n \n \n 26 July 2022\n \n \n Power Metal Resources plc (\"Power Metal\" or the \"Company\")\n \n \n \n Uranium Acquisitions - Athabasca Basin Canada\n \n \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 announcesan acquisition of additional uranium properties surrounding the Athabasca Basin in northern Saskatchewan, Canada (the \"Acquisition\").\n \n \n \n HIGHLIGHTS:\n \n \n \n ·\n Power Metal has acquired outright three uranium properties covering 271km2 surrounding the prolific Athabasca Basin in Saskatchewan, Canada.\n \n \n \n \n \n ·\n The cost of the Acquisition is CAD$137,500 (£88,872) payable as CAD$25,000 (£16,158) cash and CAD$112,500 (£72,714) through the issue of 5,703,599 new ordinary shares of 0.1p in the Company (\"Ordinary Shares\") at an issue price of 1.275p.\n \n \n \n \n \n ·\n The Acquisition increases Power Metal's Athabasca uranium interests to 10 properties covering an area totalling 721km2.\n \n \n \n \n \n ·\n Planning is nearing completion for the ground exploration programmes to commence in the near term at the Tait Hill, Soaring Bay, Clearwater and Thibault Lake uranium properties, further information in respect of which was announced on 12 July 2022.\n \n \n \n \n \n ·\n In addition to exploration of retained uranium projects, the Company is working on corporate options in relation to certain of its Athabasca uranium interests.\n \n \n \n \n \n \n \n \n Paul Johnson, Chief Executive Officer of Power Metal Resources commented:\n \n \n \n \n \"We have acted quickly to secure this additional uranium package in the Athabasca Basin area of Saskatchewan, Canada. With these acquisitions our portfolio of 10 properties now covers a combined total footprint of 721km2. The scale of this holding presents a significant project package especially given the importance of the highly prospective uranium exploration in the region. We are also looking to add further ground to our holdings.\n \n \n \n \n However, that said, it is not merely a move to scale that we seek, but a strategic uranium package enabling us to develop a combination of internal exploration projects, and to generate value through the commercialisation of certain of the p...