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.
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.”
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