In a recent interview with Proactive London, Sean Wade, CEO of Power Metal Resources PLC (AIM:POW), talked through a stack of things on the go, including a recent fundraise and upcoming drilling in Botswana.
Here's what Wade said to Proactive's Stephen Gunnion about what lies ahead:
Stephen Gunnion (SG): It's been a busy time for Power Metal with the Tati update and £1.3 million financing, which seemed a big vote of confidence in the company.
Sean Wade (SW): Yes, it was a strategic capital raise with a relatively small number of investors.
And pleased to say that, yes, it was done at a premium which is very pleasing with no warrants and no incentives attached.
As we mentioned on the RNS, one of those new investors is from Saudi Arabia, where I think people know that we're putting a lot of our efforts in at the moment.
SG: How does this strengthen your shareholder base?
SW: A combination of big investors buying shares on the market and taking place in a premium-priced placing does tighten up the register and concentrate the shares in fewer, longer-term hands.
That's going to be a very good thing for investors overall.
SG: So how do you plan to use the funds?
SW: First we are focusing on our T1-14 target at Molopo farms In Botswana.
This has been the subject of extremely detailed geophysical work, desktop and on the ground through magnetic surveys and AMT in particular.
And I think, you know, we've got a very good understanding now of this sub-vertical, strong conductor.
The hope is that we are looking for a major magmatic nickel discovery, and that's all we've been focused on for some time.
That's what Molopo is all about, to be a district-scale, nickel asset.
So the T1-14 campaign will be a diamond drill over about 800 meters in depth.
It's going to take a couple of months to undertake and then a bit of time thereafter to analyse the core samples and to determine a result from that.
It's a flagship exploration project for us and one that a lot of our shareholders are very excited about.
Everybody is very geared up for it. We've worked extremely hard to get it to this point to maximise our chance of making a discovery.
SG: What sort of news flow should investors be expecting in the short to medium term?
SW: Probably the very next thing is going to be that we're drilling at Molopo.
The rigs have mobilised and I'm going to be at the site shortly
In addition, Saudi Arabia, as everybody knows, has become a very big part of our future growth expectations.
And we're close to, I think, being able to talk in more detail about specific projects, where we think we're going to get an opportunity to get on the ground and do some exploration.
There's more to follow on that. But people will note that we had a Saudi Arabian investor come on board in the raise.
And also the IPOs that we've got on the pad at the moment,
FDR, which has been a priority for us for a while, is making excellent progress and getting towards a market solution.
And UEE is the other one, which is our uranium spin-out as part of our Athabasca portfolio.
So those two big corporate deals will add a lot of value that will go pretty much straight onto our balance sheet.
People will see the reflection of these in shareholders' funds, either in the interims, if we can get them done on time, or obviously at the full year if we don't.
And there is also more news to come from the work we've done on the uranium portfolio.
So with all of that exploration work and corporate activity, there is lots to look forward to.