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“This region has seen considerable interest in recent years following the Havieron discovery Power Metal Resources PLC (LON:POW) said an agreement has been reached for the acquisition of a 75% strategic interest in a UK special acquisition vehicle which is to acquire First Development Resources, an Australian private company. FDR Australia holds a portfolio of copper-gold focused exploration interests in the Paterson Province in the eastern Pilbara Region of Western Australia. The acquisition of FDR Australia will not be undertaken until the Ripon Hills Project has been successfully transferred into FDR Australia and a granted exploration licence has been received by FDR Australia in respect of the Wallal Project. ....
The vendors include shareholders of FDR Australia and various third parties with interests in the exploration properties (the Vendors ).
As part of the Transaction FDR Australia is to be acquired outright by a new UK private company ( FDR UK ), in which Power Metal is to hold a 75% initial interest and the Vendors a 25% initial interest.
The acquisition of FDR Australia will not be undertaken until the Ripon Hills Project has been successfully transferred into FDR Australia and a granted exploration licence has been received by FDR Australia in respect of the Wallal Project. Further announcements will be made by the Company as appropriate. ....
IN BRIEF: Power Metal advances deal to further copper-gold exploration Wed, 28th Apr 2021 12:10 Power Metal Resources PLC - metal exploration and development company - Says an agreement has been reached for the acquisition of a 75% interest in a UK special acquisition vehicle which is to acquire outright First Development Resources Ltd. First Development Resources is an Australian private company with a portfolio of copper-gold focused exploration interests in the Paterson Province in the eastern Pilbara Region of Western Australia. Power Metal says the acquisition will not be undertaken until the Ripon Hills Project has been successfully transferred into First Development Resources Australia and a granted exploration licence has been received by First Development Resources Australia in respect of the Wallal Project. ....
28 April 2021 | 13:55pm StockMarketWire.com - Power Metal Resources has acquired a 75 per cent stake in First Development Resources, an Australian copper-gold miner. The private company holds a portfolio of exploration interests in the Paterson Province of Western Australia. The deal is contingent on several steps. This acquisition will not be undertaken until the Ripon Hills Project has successfully been transferred to First Development Resources and the company has been awarded an exploration licence. The 75 per cent stake will be held by a SPAC. Paul Johnson, CEO of Power Metal Resources, said: The acquisition announced today provides Power Metal with a strategic interest in exploration properties in the Paterson Province, Western Australia. ....