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LONDON - Duquesne Family Office LLC has purchased a 14.75% stake in Guardian Metal Resources plc (LON:GMET, OTCQX:GMTLF), a tungsten development company with operations in Nevada, according to a company statement released Tuesday.
The investment fund acquired 24,699,825 ordinary shares from Power Metal Resources plc for £13,584,904, representing a price of 55p per share.
Following the transaction, Power Metal has fully divested its holdings in Guardian Metal, while Duquesne becomes a substantial new shareholder in the company.
Guardian Metal Resources, which focuses on tungsten development in Nevada, described the investment as occurring during a "pivotal growth phase" for its tungsten projects.
"I am delighted to welcome Duquesne as a major new shareholder, marking a strong endorsement of Guardian’s position in the U.S. critical metals landscape," said Oliver Friesen, CEO of Guardian Metal, in the press release.
The company’s shares are listed on the London Stock Exchange (LON:LSEG) and trade on the OTCQX market in the United States.
The announcement was made via the Regulatory News Service of the London Stock Exchange.
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