VANCOUVER, BC, Nov. 3, 2022 /CNW/ - Power Metals Corp. ("Power Metals" or the "Company") (TSXV: PWM) (FRANKFURT: OAA1) (OTCQB: PWRMF) has been advised that the Canadian Federal Government, by Order in Council, has ordered that Sinomine (Hong Kong) Rare Metals Resources Co. divest itself of its past and ongoing investments in the Company. Sinomine made an equity investment of $1.5 million CDN into Power Metals. The order was made on national security grounds by virtue of the strategic importance of the Company's Case Lake lithium, cesium and tantalum deposits and Sinomine's alleged relationship with the Government of the People's Republic of China. Sinomine has made an equity investment in the Company and is in process of negotiating an offtake agreement with regard to the Case Lake Project. The Company is reviewing the matter with legal counsel, Sinomine and the federal authorities with a view to advancing development of the Case Lake Project by whatever means necessary.
Read more at newswire.caPower Metals Provides Comment on Recent National Headlines
Provided Content: Content provided by Newswire.ca. The Globe and Mail was not involved, and material was not reviewed prior to publication.
