Update on RRR Agreement
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Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London-listed exploration company with a global project portfolio, announces an update on the agreement with Red Rock Resources PLC ("RRR") to conditionally dispose of its 49.9% interest in New Ballarat Gold Corporation plc, which wholly owns Red Rock Australasia Pty Limited, the local operating company holding exploration interests in the Victoria Goldfields, Australia and in South Australia (the "Agreement").
As announced on 13th March 2024, "Completion must occur within 13 weeks of 8 March 2024, being the date of the Heads of Terms, or the Agreement will be terminated".
Given the long weekend due to the public holiday in Australia on Monday 10th June 2024, the parties have agreed a short extension of this long stop date to Tuesday 11th June 2024. An announcement in relation to the transaction will therefore not be issued before Wednesday 12th June 2024.
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