Extractive Industries

Power Metal subsidiary raises £750,000 for listing

Power Metal Resources plc said that its subsidiary Golden Metal Resources Ltd had raised £750,000 in pre-IPO financing for its planned listing and operational expenses for its projects in Nevada, USA.

Energy: Golden Metal has its own management team with broad spectrum knowledge and capabilities (Pixabay – generic)

PROJECTS

Golden Metal’s portfolio includes the Pilot Mountain tungsten (with copper, silver and zinc) and Golconda Summit (gold).

LISTING

Capital restructuring of Golden Metal share capital will enable additional shares to be issued in readiness for listing during 2022.

FINANCING

Power Metal has subscribed for £75,000 of the financing and will hold 49,874,437 ordinary shares representing 83.13% of Golden Metal.

Power Metal chief executive officer and Golden Metal director, Paul Johnson, has subscribed for £50,000 (749,625 ordinary shares).

The valuation of Golden Metal will be circa £4 million, and Power Metal’s holding will be circa £3.33m.

FOCUS

Mr Johnson said that Golden Metal was becoming self-financed without the need for funds from Power Metal which is now a major strategic shareholder.

“Alongside self-financing, Golden Metal has its own dedicated management team with broad spectrum knowledge and capabilities, and above all with the energy and focus to drive this exciting new junior exploration opportunity forward within the London markets.”

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