Business
Uranium Business Update and Togo Agreement
Uranium Business Update and Togo Agreement.
About this update from Power Metal Resources Plc
[{"type":"text","content":"\n \n \n 22 June 2022\n \n \n \n Power Metal Resources PLC\n \n \n \n \n (\"Power Metal\" or the \"Company\")\n \n \n \n \n Uranium Business Update and Togo Agreement\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 business update covering the Company's global uranium interests.\n \n \n \n Togo Agreement\n \n \n \n ·\n Power Metal has signed an agreement with David Knopf, a consulting geologist governing the evaluation, acquisition and exploration of uranium prospects in Togo, West Africa (the \"Agreement\").\n \n \n ·\n Power Metal is to establish a wholly-owned operating subsidiary in Togo, to act as a holding company for Togo uranium interests (\"Togo Subsidiary\").\n \n \n ·\n Upon successful transfer of newly acquired interests into the Togo Subsidiary, Power Metal will pay agreed finder's fees to Mr Knopf equating to €27,000 in total for the first acquisition and €15,000 for any subsequent acquisitions (finders fees will be payable in part cash and part Power Metal shares based on the volume weighted average price of Power Metal shares in the ten working days prior to each acquisition).\n \n \n ·\n In addition, should Power Metal or the Togo Subsidiary announce a Decision to Mine (\"DTM\") in respect of any project acquired under the Agreement, further fees would be payable of €100,000 in cash and €200,000 in Power Metal shares (Power Metal Shares based on the volume weighted average price of Power Metal shares in the ten working days prior to each DTM).\n \n \n ·\n Power Metal will have access to the services of Mr Knopf as well as his Togo based business partner who is an established senior geologist with strong capabilitities in-country who will assist with the organisation and management of local geological operations.\n \n \n ·\n Existing project targets have been established and the Company is working with the team in Togo to plan next stages of exploration as well as to secure new opportunities as soon as possible.\n \n \n \n Athabasca Basin, Saskatchewan, Canada\n \n \n \n Power Metal, through its wholly-owned local subsidiary, holds a large strategic footprint in the Athabasca Basin area with 7 properties covering a combined area of 450.01km2. The Company's in-house ura...