Power Metal Resources Plc (GB:POW) has released an update.
Power Metal Resources PLC is set to complete the sale of its 49.9% stake in New Ballarat Gold Corporation to Red Rock Resources plc, receiving £250,000 in convertible loan notes and 166,666,667 new ordinary shares in the process. This strategic move allows Power Metal to streamline its portfolio, converting the stake into a balance sheet investment while focusing on high-value business interests and new opportunities. The completion of the deal will result in a more concentrated ownership structure for NBGC, which is deemed optimal for its continued growth.
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