Paul Johnson, chief executive officer of Power Metal, commented:
“Shareholders will be aware we are currently undertaking the largest drill programme the company has conducted at Molopo Farms and to complete the Transaction at this juncture is particularly significant.”
Power Metal Resources PLC (AIM:POW) has said its acquisition of an additional 58.7% interest in Kalahari Key Mineral Exploration Pty. Limited, which was originally announced on 18 May 2022, has now received all regulatory approvals in Botswana.
Kalahari Key has a single project 60% interest in the Molopo Farms Complex Project targeting a large-scale nickel-platinum group metal (PGM) discovery in southwest Botswana. The company said it has received written confirmation that all Botswana regulatory approvals required to enable the transaction to proceed have now been received. Following receipt of the approvals, the company said it is now working with the Kalahari Key board and advisers in Botswana to complete the transaction.
In a statement, Paul Johnson, chief executive officer of Power Metal, commented:
“The receipt of all Botswana regulatory approvals for the transaction is a significant event for the Company, and after the various administrative tasks are completed Power Metal will hold an 87.71% interest in Kalahari Key.
“On behalf of Power Metal, I would like to thank the authorities in Botswana and our advisers for their handling of the approvals process, and the Kalahari Key team who are working with us to complete the Transaction.
“Shareholders will be aware we are currently undertaking the largest drill programme the company has conducted at Molopo Farms and to complete the Transaction at this juncture is particularly significant.
“Further announcements will follow with regard to Transaction completion and with operational updates from the Molopo Farms ongoing drill programme.”
Following completion of the transaction, Power Metal will hold an 87.71% interest in Kalahari Key which will hold a 100% interest in Molopo Farms.
A further announcement will follow shortly including confirmation of the issue of equity consideration to Kalahari Key shareholders disposing of their interest to Power Metal, it added.
