Business
WINSOME INCREASES STAKE IN POWER METALS TO 19.59% THROUGH ACQUISITION OF TWO STRATEGIC PROPERTIES
WINSOME INCREASES STAKE IN POWER METALS TO 19.59% THROUGH ACQUISITION OF TWO STRATEGIC PROPERTIES...
About this update from Power Metals Corp.
[{"type":"text","content":"\n \n \n \n WINSOME INCREASES STAKE IN POWER METALS TO 19.59% THROUGH ACQUISITION OF TWO STRATEGIC PROPERTIES\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 Aug. 24, 2023\n \n \n /CNW/ -\n \n Power Metals Corp.\n \n (\"\n \n Power Metals\n \n \" or the \"\n \n Company\n \n \") (TSX VENTURE: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) is pleased to announce that it has entered into an agreement with Winsome Resources Limited (\"\n \n Winsome\n \n \")(ASX:WR1) to acquire (the \"\n \n Acquisition\n \n \") a 100% interest in Winsome's Decelles and Mazerac projects located in\n \n Quebec\n \n . Upon closing of the Acquisition, it is anticipated that Winsome will own approximately 19.59% of the outstanding shares. Winsome currently owns approximately 9.94% of the outstanding common shares of the Company.\n \n \n \n Johnathan More\n \n , Chairman of Power Metals commented, \"\n \n Power Metals continues to strengthen its relationship with Winsome Resources through this strategic acquisition of these two prolific lithium properties in\n \n Quebec\n \n . Our strong cash position gives us the ability to expand our exploration horizon to these projects which are in close proximity to our flagship Case Lake project. Field crews are now in the field at Case Lake and more geophysical work will immediately commence on these two newly acquired properties. We also look forward to providing the market with an update at Case Lake in the coming days\n \n .\"\n \n \n Winsome's Managing Director,\n \n Chris Evans\n \n said,\n \n \"We are pleased to announce progress towards this transaction with Power Metals, which when executed will increase Winsome stake in PWM to 19.59%. This is an exciting opportunity for the Company as PWM progresses its own exploration program. The exposure to a potentially significant cesium project is very attractive given the rare nature of pollucite-hosted deposits globally. The terms will ensure ongoing exploration on the Decelles and Mazérac licences in the shorter term, while the...