Power Metal Resources shares surged on Thursday after the diversified junior miner announced a strategic funding round to accelerate exploration activities.
The funding round is notable because it was completed at a premium to the priors day’s closing day – a commendable feat in the current market, paying testament to the strength of the group’s underlying minerals portfolio.
Power Metal Resources raised £1.3 million through issuing 130 million new ordinary shares at 1.0 pence per share, a 3% premium to the prior closing price.
The financing was cornerstoned by UK high net worth investors and a strategic Saudi Arabian investor. Funds will be deployed to accelerate exploration initiatives and corporate activities across the Power Metal group.
The company has exploration assets focused on a wide range of minerals including uranium, gold, copper, lithium, and graphite, among others.
Power Metal Resources shares were 23% higher at 1.2p at the time of writing.
