Golden Metal Resources float on AIM
May 2023
Golden Metal Resources plc is a mineral exploration company focused on tungsten, gold, copper, silver and zinc within Nevada, USA. It was established on 22 April 2021 as a company registered in England and Wales for the purpose of holding all of the Nevada mining assets of Power Metal Resources plc and progressing the exploration and development of those assets.
The Company holds four mining assets comprising the wholly owned Pilot Mountain, Garfield and Stonewall Projects together with an earn in option over the Golconda Summit Project. Each Project consists of unpatented lode mining claims located entirely on land managed by the United States Bureau of Land Management.
The Directors believe that the combination of a suite of high-quality, diversified Nevada based mining assets within a single, US-focused AIM-quoted vehicle creates a compelling investment opportunity. It is their opinion that the Nevada Projects hold several underexplored, highly prospective gold, tungsten, copper, silver and zinc exploration targets. The Directors consider that the Pilot Mountain Project has the potential to increase its existing tungsten focused Mineral Resource estimate and to expand on multiple copper- and tungsten-rich zones identified by limited historical drilling.
On 8 April 2022, the Company raised £750,000 through the Pre-IPO Financing at a price of 6.67 pence per Ordinary Share, following which Power Metal holds 83.1 per cent. of the Existing Ordinary Shares. On Admission, Power Metal will hold 62.1 per cent. of the Company’s Enlarged Share Capital.
Admission to Trading on AIM
On 10th May 2023, admission and dealings on AIM commenced by way of a Placing of 84,194,373 Ordinary Shares with warrants at 8.5 pence per Ordinary Share.
The Perivan shareholder communications team was delighted to work with Cairn Financial Advisers who was appointed as Nominated Adviser on the successful production and publication of the 263-page admission document.
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