Victoria Goldfields Interest Disposal Completion
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Power Metal Resources PLC (AIM:POW, OTCQB:POWMF), the London listed exploration company with a global project portfolio, is pleased to confirm that further to the announcement of 12 June 2024, the disposal of the Company's 49.9% interest in New Ballarat Gold Corporation plc ("NBGC") , which wholly owns Red Rock Australasia Pty Limited ("RRAL"), the local operating company holding exploration interests in the Victoria Goldfields, Australia and in South Australia, has now completed.
Accordingly, the Company has been issued 166,666,667 new ordinary shares in Red Rock Resources plc ("RRR"), and now owns 3.87 per cent. of RRR.
The Company has also been issued with a £250,000 convertible loan note and 100,000,000 warrants exercisable into RRR ordinary shares, for three years at a price of 0.15 pence per share.
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