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LONDON - Power Metal Resources PLC (AIM:POW, OTCQB:POWMF) announced Tuesday it has agreed to sell its remaining 24,699,825 shares in Guardian Metal Resources PLC (GMET) for £13.58 million before costs, representing 55p per share.
According to a press release statement, the London-listed exploration company entered into a legally binding Sale and Purchase Agreement with an investment fund managed by Duquesne Family Office LLC. The transaction is expected to complete in the coming weeks.
The disposal marks the final exit from Power Metal’s investment in GMET, which the company reports had a book value of £6.92 million in its audited accounts as of December 31, 2024.
Power Metal indicated its original investment in GMET was £1.94 million. The company stated that across two disposals, it will have realized total proceeds of £22.81 million before costs from the GMET investment.
The sale provides Power Metal with additional capital for new investments. The company describes itself as a natural resources exploration company and project incubator with interests across North America, Africa, Saudi Arabia, Oman, and Australia.
Power Metal’s business model involves developing projects internally or through strategic joint ventures until they become ready for disposal through outright sale or separate listing on a stock exchange.
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