Power Metal Resources PLC (AIM:POW)’s part-owned associate Golden Metal Resources has secured £750,000 of pre-IPO funding, ahead of a launch into the London market slated for 2022.
With the capital injection Golden Metal, an explorer with acreage in Nevada, USA, becomes ‘self financed’ and is no longer dependent on funds from Power Metal Resources.
"With Golden Metal Resources we have created an attractive Nevada, USA, focused investment opportunity, which we plan to list on the London capital markets as soon as possible,” said Paul Johnson, Power Metal chief executive.
“Alongside self-financing, Golden Metal has its own dedicated management team with broad spectrum knowledge and capabilities, and above all with the energy and focus to drive this exciting new junior exploration opportunity forward within the London markets."
Johnson added: “The Nevada portfolio is carefully balanced, including the Pilot Mountain project which hosts a substantial JORC compliant tungsten focused resource, (with copper, silver and zinc in addition) which we believe has significant exploration potential and development upside.
“The portfolio also includes Golconda Summit, where Golden Metal can earn a 100% interest, positioned in a neighbourhood of dramatic Carlin-style gold deposits and where our initial exploration work has indicated the potential for a significant gold discovery.”