Memery Crystal advises Power Metal Resources PLC on acquisition and uranium-focused joint venture with UCAM Limited

Power Metal is an AIM listed metals exploration company which finances and manages global resource projects. UCAM is a special purpose vehicle established by ACAM LP, which is a natural resource focused limited partnership and which has invested £10m into the joint venture.

This was an inter-jurisdictional matter across both the UK and Canada, drawing on the Memery Crystal’s international experience, as well as its established expertise in the natural resources sector.

The money invested by UCAM will be used to fund exploration programmes across the portfolio of uranium licences held by Power Metal in Canada, including drilling of potential targets in Northern Saskatchewan and Newfoundland.

Nick Heap, Corporate Partner and Darryl Chew, Associate, acted for Power Metal on the joint venture and with Robert Bines-Black, Corporate Partner and Taibo Wang, Associate, acting on the restructuring and uranium asset acquisition.

Nick Davis commented:

“It’s great to have worked with Power Metal on this transformational deal with UCAM, the joint venture partner in this Uranium focused project in Canada. We wish both Power Metal and ACAM with the drilling programme and supporting the project going forwards. ”

Sean Wade, CEO of Power Metal, commented

“Most top tier law firms are competent and professional, but Nick and the team at Memery Crystal combine this with a friendliness and approachability that makes them a genuine pleasure to work with. I have no hesitation in recommending them to anyone contemplating a major transaction.”

On this deal: Getz Prince Wells LLP were Power Metal’s Canadian Counsel; D&H Group LLP were Power Metal’s accountants; Watson Farley & Williams LLP were UCAM’s solicitors; Torys LLP were UCAM’s Canadian counsel; SP Angel Corporate Finance were Nominated Adviser to Power Metal; and Tamesis Partners were Financial Adviser to Power Metal as to the investment.