Power Metal Resources recently announced a binding subscription agreement in Apex Royalties Limited (“Apex”).
Apex is a private diversified mining royalty company with a portfolio of five high quality assets providing exposure to gold, tin, bauxite and tungsten. Apex is led by an experienced board of directors with vast experience in the mining industry and in the royalty sector, with the board comprising former directors and founder shareholders of Trident Royalties Plc.
Power Metal is making an investment of £4m in cash into Apex as part of a financing expected to raise gross proceeds in excess of US$10.0 million valuing Apex on a pre-new money basis at approximately £24.0 million. The proceeds of the Apex Fundraising will be used to finance part of the consideration for the acquisition of a royalty over the Pilot Mountain and Tempiute tungsten projects, complete an option payment on a royalty over the Wuudagu Bauxite project, and provide additional working capital for future royalty acquisitions.
