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(Sharecast News) - Power Metal Resources confirmed on Monday that it would not proceed with a previously-proposed agreement with Saudi Arabia's Al Masane Al Kobra Mining Company (AMAK) to acquire a stake in the Qatan exploration licence.
The AIM-traded firm said the two parties had signed a letter of intent in March outlining plans for Power Metal to invest $3m in exchange for a 49% interest in the licence, located in southern Saudi Arabia.
However, the companies had been unable to agree on mutually acceptable terms, the board said, and decided not to finalise a binding agreement.
Power Metal said it remained open to future collaboration opportunities with AMAK that aligned with its strategic objectives and global growth ambitions.
At 1250 BST, shares in Power Metal Resources were down 1.19% at 13.34p.
Reporting by Josh White for Sharecast.com.
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