Power Metal Resources has noted the formal announcement of 83% owned subsidiary Golden Metal Resources to list on AIM.
Golden Metal contains all of Power Metal’s Nevada assets and is primarily focused on gold, silver and tungsten.
The company owns holds interests in four projects comprising the wholly owned Pilot Mountain, Garfield and Stonewall projects together with an earn-in option over the Golconda Summit project.
Expected admission date is early May, though there were no details on how much money will be raised or the structure of its equity post-listing.
Sean Wade, Power Metal’s chief executive commented: "I am very pleased to be able to update shareholders that the Golden Metal IPO is progressing.
“Further information in respect of Power Metal's interest in Golden Metal on admission to trading on AIM, the total IPO equity placing amount, market capitalisation and other important information is expected to be forthcoming in due course.”