Power Metal Resources PLC (AIM:POW) has sold its entire holding of shares in Kavango Resources PLC (LSE:KAV, OTC:KVGOF) for £556,000 cash.
Some 60 million warrants with an expiry date of 8 January 2025 have been retained alongside a 1% net smelter return royalty (NSR) in the Kalahari Copper Belt and Ditau Camp projects that were previously held in a joint venture with Kavango.
Sean Wade, Power Metal's chief executive, said the money raised would be deployed into high-impact exploration initiatives and the sale is part of a strategy to focus on core projects while streamlining the diverse interests.
"The funds raised will add to our significant existing cash balances and will be utilised for accelerated exploration, including drilling of certain high-impact retained exploration projects targeting large-scale metal discoveries."