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Uranium & Rare Earths Acquisition - Australia
Uranium & Rare Earths Acquisition - Australia.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9744S\n Power Metal Resources PLC\n 19 November 2021\n \n \n \n \n 19 November 2021\n \n \n Power Metal Resources plc \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n Acquisition of Uranium & Rare-Earth Element Project - Australia\n \n \n Power Metal Acquires the Selta Uranium and Rare-Earth Element Project, Located in the Northern Territory, Australia, through Subsidiary First Development Resources Limited\n \n \n Power Metal Resources plc (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, announces it has signed an Agreement (\"Agreement\") for the 100% acquisition (the \"Acquisition\") of the Selta Project (\"Selta\" or the \"Project\"), located in the Northern Territory, Australia.\n \n A map showing the location of the Selta Project may be viewed through the following link:\n \n \n https://www.powermetalresources.com/selta-project-overview-map-2/\n \n \n \n The Acquisition will be undertaken by Power Metal subsidiary, First Development Resources Limited (\"FDR\"), in an all FDR share transaction to acquire a 100% interest in URE Metals Pty Limited (\"URE\"), a private Australian company which wholly-owns the Selta Project.\n \n \n FDR is a special purpose company set up by Power Metal to act as a vehicle for a planned listing on the London capital markets; with a unique and high-impact portfolio of exploration interests.\n \n \n FDR recently acquired outright First Development Resources Australia Pty Limited (\"FDR Australia\") and its interests in the Paterson Province of Western Australia. The announcement in respect of the acquisition of FDR Australia is accessible through the following link:\n \n \n https://www.londonstockexchange.com/news-article/POW/power-metal-acquires-100-of-fdr-australia/15193248\n \n \n FDR is seeking to acquire additional strategic exploration interests and the acquisition of the Selta Project announced today is an important step in the completion of that process.\n \n \n Note: No Power Metal shares will be issued for this transaction with FDR utilising its own equity for the Acquisition.\n \n \n HIGHLIGHTS\n \n \n About the Selta Project\n \n - The Selta Project, located in Australia's Northern Territory, is considered to be highly-prospective for uranium (\"U\...