Power Metal Resources PLC (LON:POW) the AIM listed metals exploration and development company is pleased to advise shareholders that it has secured a short extension to its option (the “Option”) to acquire First Development Resources (Pty) Limited (“FDR Australia”), an Australian private company with a portfolio of copper-gold focused exploration interests in the Paterson Province in the eastern Pilbara Region of Western Australia.
The original Option agreement including terms for option exercise was announced on 19 January 2021 and may be viewed through the following link:
The original Option agreement provided for an exercise period ending today (8 April 2021), and this has now been extended to 16 April 2021.
The extension was necessary to allow the Power Metal team sufficient time to finalise due diligence work.
In addition, the Company has recently been made aware of additional projects in the Paterson Province that may be suitable for acquisition to further build the portfolio. Those additional projects are also under expedited review at present.
8 April 2021