Druces’ Capital Markets team has advised Power Metal Resources PLC, the London listed exploration company seeking large-scale metal discoveries across its global project portfolio, on a placing to raise gross proceeds of approximately £2.7 million.
As part of the placing, Power Metal Resources announced that it had entered into a Subscription Agreement with Term Oil Inc., a company controlled by Rick Rule, pursuant to which Term Oil would participate in the placing up to an amount of £1 million and not less than £0.5 million.
The net proceeds of the placing will be used to further the company’s exploration activities and for general working capital.
The Druces’ Capital Markets team included Stephen Ronaldson (Partner), Jack Dervyn (Partner) and Mark Lamph (Senior Associate).
Druces’ Jack Dervyn commented:
“The announcement of this transaction adds to a busy period of fundraising being carried out by our clients. We were pleased to be able to assist the Power Metal Resources team and move quickly.”
For more information:
Stephen Ronaldson
Partner
Jack Dervyn
Partner
Mark Lamph
Senior Associate
