Power Metal Resources PLC (AIM:POW, OTCQB:POWMD) said work to finalise its uranium joint venture is still underway, with the exclusivity period with proposed partner ACAM extended until 13 September.
Last month the AIM-listed explorer and the mining investment group signed a term sheet, agreeing to potentially spin off its uranium assets into a new joint venture.
Today, Power Metal said ACAM's advisors have almost completed due diligence on the deal, with legal work said to also be at an advanced stage, with all commercial terms as previously announced.
In order to close the transaction, an extension of the exclusivity period was agreed, and Power Metal said both parties "fully expect" completion before the end of the period.