Power Metal Resources plc has extended the due diligence period for the creation of a uranium-focused joint venture in Canada.
PROGRESS
The June agreement for the company’s entire Saskatchewan portfolio with ACAM LP includes a £2m subscription and a £10m non-binding term sheet.
Power Metal holds 16 properties over a combined 92,407ha (924.07km2), surrounding and within the Athabasca Basin.
“Whilst significant progress has been made towards completion of the joint venture, certain legal due diligence processes remain outstanding,” said the company today.
“Consequently, the parties have agreed to extend the due diligence period until 23 August 2024.”
Power Metal added that, while not guaranteed, both parties expected completion of the joint venture within the period.