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LONDON - First Development Resources PLC (FDR) commenced trading on the AIM market of the London Stock Exchange (LON:LSEG) on Tuesday, following a successful fundraising of £2.3 million, according to a press release from Power Metal Resources PLC (AIM:POW).
The mineral exploration company began trading with an initial market capitalization of £7.06 million. Power Metal Resources, which focuses on global resource projects, maintains a 43.44% stake in FDR’s issued share capital following the admission.
Sean Wade, CEO of Power Metal Resources, stated that the listing "is another successful case study for our business model, and serves as further validation of our ability to identify, develop and crystallise the value of promising mineral assets."
The listing represents a significant milestone for FDR, providing the company with access to the London market and its investor base as it advances its exploration assets.
Power Metal Resources operates as a London-listed metals exploration company that finances and manages global resource projects across North America, Africa, Saudi Arabia, Oman, and Australia. The company’s strategy involves developing projects internally or through strategic joint ventures until they become ready for disposal through outright sale or separate listing.
First Development Resources can now be found trading on AIM under the ticker symbol FDR.
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