Power Metal Resources plc uranium-focused subsidiary has completed a pre-IPO financing of £421,500 for its planned listing during the first half of 2024.
EXPECTATIONS
Teathers Financial plc, to be renamed as Uranium Energy Exploration plc (UEE), raised the funds at 1.241135p per Teathers new ordinary share.
It conditionally acquired the Reitenbach and E-12 Uranium properties in 2022 from Power Metal under then chief executive officer Paul Johnson.
Following completion of the acquisitions, Power Metal expects to hold a significant interest in the newly listed vehicle.
Completion of the financing is subject Teathers’ shareholders approval at a general meeting yet to be arranged.
Power Metal chief executive Sean Wade, who is also a director and shareholder of Teathers, said that the fundraise had outperformed expectations.
“I look forward to the planned IPO of UEE with a high quality collection of uranium interests and an exciting period of exploration ahead.”
Companies House currently lists Teathers’ officers as Mr Wade, director Alexander Barblett and accountant Mario Visconti.