Business
Power Metals Sells Two Non-Core Properties to Focus Full Resources on its Case Lake Property
Power Metals Sells Two Non-Core Properties to Focus Full Resources on its Case Lake Property ...
About this update from Power Metals Corp.
[{"type":"text","content":"\n \n \n \n Power Metals Sells Two Non-Core Properties to Focus Full Resources on its Case Lake Property\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Dec. 19, 2022\n \n \n /CNW/ -\n \n Power Metals Corp.\n \n (\"\n \n Power Metals\n \n \" or the \"\n \n Company\n \n \") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce that it has entered into two binding purchase and sale agreements to sell the Company's Gullwing-Tot Lakes property and its Paterson Lake property.\n \n \n \n \n \n \n \n \n \n \n Johnathan More\n \n , Chairman & CEO of Power Metals states, \"We are pleased to announce the sale of these two non-core properties as we will be focusing our full attention to the development of Case Lake. Additionally, we are building our geological team to help assist in this next stage of the Company. This non-dilutive cash injection from the sale of these two properties will be added to the Company's currently strong working capital position.\"\n \n \n \n \n Gullwing-Tot Lakes Property\n \n \n \n \n Power Metals has entered into a binding Purchase and Sale Agreement with Critical Resources Limited (ASX:CRR) to sell the Company's Gullwing-Tot Lakes property. The Purchase and Sale Agreement executed between the Company and Critical Resources on\n \n December 16\n \n \n th\n \n , 2022 is binding on both parties. The agreement is subject to completion of due diligence requirements to the satisfaction of Critical Resources, within 14 days of the agreement execution.\n \n \n To acquire a 100% interest in the mining claims, the total consideration to be provided to the Company from Critical Resources is:\n \n \n \n Cash payment of\n \n CAD$600,000\n \n made to the Company;\n \n \n Issue of\n \n CAD$600,000\n \n of deemed value in Critical Resources Limited's (ASX:CRR) securities to the Company; and\n \n \n Grant the Company a 1% Gross Margin Royalty for mineral production within the mining claims acquired by Critical Resources.\n \n \n \n \n \n Paterson Lake Property\n \n \n \n ...