Power Metal Resources plc has completed its 75% acquisition of secondary source extraction company GSA (Environmental) Ltd (GSAe), following February’s heads of terms.
SAUDI ARABIA
The company said that GSAe currently had two memoranda of understanding with Saudi Arabian supplies of vanadium and nickel-bearing fly ash.
Advanced research will soon begin on plant design, construction, commissioning and, if required, operation for “potentially several treatment facilities” initially in Saudi Arabia.
GSAe is also developing a demonstration-scale plant in the UK and evaluating processes to extract rare earth elements and other metals from millions of tons of mine tailings in Saudi Arabia.
Power Metal ‘s total payment is capped at £1 million with an initial £75,000 payable with 514,357 new ordinary shares of 2p each in Power Metal at an issue price of 14.5813p each.
Further conditional payments, totalling £925,000 over three years, will also be met with Power Metal shares.
The company said that following admission of the 514,357 new ordinary shares, Power Metal’s issued share capital will comprise 111,187,774 ordinary shares of 2p each, with voting rights.