Power Metal Resources plc (LON:POW) the AIM listed African focused metals exploration and development company is pleased to draw investors' attention to the announcement issued yesterday by Katoro Gold plc (LON: KAT)("Katoro Gold")("Katoro").
Power Metal Resources currently holds 10,000,000 shares which currently represents 5.90% of Katoro Gold's issued share capital. In addition, POW also currently holds 10,000,000 warrants in Katoro Gold exercisable at 1.25p (2,500,000 warrants expiring on 15 March 2022 and 7,500,000 warrants expiring on 15 May 2022).
POW also has a 25% interest in Katoro Gold's Haneti nickel project in Tanzania, with a right to increase its interest to 35% by a payment to Katoro Gold of £25,000 in cash by 15 May 2020.
Paul Johnson Chief Executive Officer of Power Metal Resources plc commented "Katoro have announced a fundraising to advance the Haneti project in Tanzania and for general working capital requirements.
We are working closely with the Katoro team to review the full extent of the Haneti project's potential which is rightly focused on large scale nickel sulphide targets, however recent work has also identified significant potential for Platinum Group Metals (notably Palladium), gold, copper, lithium and rare earth elements."
3 October 2019