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Power Metal make Powerful merger

15 December 2022 18:52
LON: POW

Power Metal Resources are creating a new company, merging its wholly owned Australian subsidiary and the Wilan project with two other companies holding granted exploration licences and applications covering 1507 square kilometres of Queensland’s Mt Isa Copper Belt.

It keeps Power Metal’s exposure to a large and undrilled iron ore-copper-gold target in the IOCG-rich Gawler Craton while unlocking access to a world class copper region.

The merged company, known as NewCo, will outright acquire all shares in POW Australia, RAB Resources and New Horizon and result in Power Metal holding a 20 per cent interest in a dynamic new company.

Following the merger, Power Metal Resources Australia will be renamed Wilan Resources, allowing it to set up a new subsidiary bearing the name, while NewCo will begin the process for a planned listing in the second quarter of 2023.

The company said it was targeting major discoveries within a world class copper belt with territory close to a number of heavy hitters, including Rio Tinto, Anglo American and 29Metals.

“Power Metal recognises the forward dynamic of copper as a commodity and the Merger will provide the Company with an immediate equity exposure to a strategic portfolio of exploration interests in the Mount Isa copper belt,” chief executive Paul Johnson said.

POW’s London Stock Exchange-listed share price was trading at 1.47 British pence today (7.10 pm UTC+ 8 hours).

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