Logo of Almasane Alkobra Mining Company (AMAK)
Almasane Alkobra Mining Company (AMAK) extended a letter of intent (LoI) with Power Metal Resources Plc, listed on the London Stock Exchange, for additional three months until March 9, 2025, according to a statement to Tadawul. 
The extension comes to allow the completion of the drafting of the binding agreement terms agreed upon by the parties.
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The LoI will automatically expire upon the conclusion of the agreement or upon the expiration of the additional three-month period — or any extension thereof, the statement added.
AMAK will announce any developments in due time.
This LoI doesn’t result in any financial or legal obligations for either party towards the other, but the resulting agreements will be formulated later in detailed legal agreements and contracts, the company further indicated.
In September, AMAK signed a letter of intent (LoI) with Power Metal Resources Plc, which aimed for a joint venture (JV) agreement to explore, develop, and extract nickel ore and related minerals under AMAK Qatan Exploration License in southwest Saudi Arabia, Argaam reported Earlier.
Logo of Almasane Alkobra Mining Company (AMAK)
Almasane Alkobra Mining Company (AMAK) extended a letter of intent (LoI) with Power Metal Resources Plc, listed on the London Stock Exchange, for additional three months until March 9, 2025, according to a statement to Tadawul.
The extension comes to allow the completion of the drafting of the binding agreement terms agreed upon by the parties.
For more news on listed companies
The LoI will automatically expire upon the conclusion of the agreement or upon the expiration of the additional three-month period — or any extension thereof, the statement added.
AMAK will announce any developments in due time.
This LoI doesn’t result in any financial or legal obligations for either party towards the other, but the resulting agreements will be formulated later in detailed legal agreements and contracts, the company further indicated.
In September, AMAK signed a letter of intent (LoI) with Power Metal Resources Plc, which aimed for a joint venture (JV) agreement to explore, develop, and extract nickel ore and related minerals under AMAK Qatan Exploration License in southwest Saudi Arabia, Argaam reported Earlier.
