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LONDON - Power Metal Resources PLC (AIM:POW, OTCQB: POWMF) announced Friday that First Development Resources PLC (FDR) is expected to complete its initial public offering and list on the AIM market in the coming weeks.
The London Stock Exchange (LON:LSEG) released a Schedule One announcement for First Development Resources today, signaling progress in the IPO process that has been anticipated by Power Metal shareholders.
"Market conditions have demonstrably improved of late, which has enabled us to fulfil our commitment to shareholders by bringing this exciting collection of assets to the market," said Sean Wade, Chief Executive Officer of Power Metal Resources.
Power Metal indicated that additional information regarding its interest in First Development following admission to AIM trading, total IPO equity placing amount, market capitalization, and other details will be disclosed in future announcements.
The company expressed confidence in First Development’s leadership under Tristan Pottas, drawing parallels to Power Metal’s successful investment in Guardian Metal.
Power Metal Resources maintains a global portfolio of resource projects across North America, Africa, Saudi Arabia, Oman, and Australia, with interests ranging from early-stage exploration to projects undergoing drilling programs.
The announcement was made through a regulatory news service filing, which noted it contained inside information as defined by the UK’s Market Abuse Regulation.
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