Power Metal Resources PLC (AIM:POW, FRA:2M5) said Andrew Bell will step down as chairman on September 30 to focus on Red Rock Resources PLC (AIM:RRR, FRA:R2TA) and the planned London initial public offering (IPO) of New Ballarat Gold Corp PLC (NBGC).
NBGC is the new holding company for Red Rock Australasia Pty Ltd, a joint venture between Power Metal and Red Rock Resources which is exploring for gold in the Victoria Goldfields in Australia.
"We will now intensify work on the planned IPO of NBGC on the London markets,” said Bell, who is also chairman of Red Rock Resources. “As I shall be heavily involved in that process, and will have a continuing role in NBGC before, and for some time after, listing, it is no longer desirable for me to continue my active role as chairman and director of Power Metal Resources.”
Red Rock Resources will hold a 50.1% stake in NBGC and Power Metal (POW) the remaining 49.9%, the same proportions as held in the Red Rock Australasia joint venture. Red Rock Australasia will become a wholly owned Australian subsidiary of NBGC.
“Red Rock retains its holding of 45,000,000 POW shares, now worth over £900,000, and looks forward to seeing this extraordinary story continue as POW moves from the project acquisition and preliminary exploration stage to the drilling stage across a range of its projects," said Bell.
Last month, Red Rock Resources and Power Metal said London was the preferred location for the IPO rather than Canada.
READ: Red Rock Resources and Power Metal Resources switch focus to London for IPO of Australian JV
Power Metal is looking to appoint a new chairman.