Cornish Metals Inc has announced it intends to float its shares and raise £5 million for its United Downs copper-tin project in Cornwall.
Subject to the funding, Cornish Metals aims to conduct an 8,000 metre drill programme at the site to define the resource potential over more than 1,000m strike length of the main target zone.
The Canadian company said today it intended to apply for admission of its common shares to trading on the Alternative Investment Market (AIM) of the London Stock Exchange, expected to be effective in February 2021.
Cornish Metals said it hoped to raise £5 million by way of private placement of new common shares. The company’s common shares will continue to be listed on the TSX-V in Canada.
Chief executive Richard Williams said the move towards AIM listing would make the company a UK supplier of technology metals needed for electric vehicles, battery technology, renewable energy, 5G internet, computing, data storage and robotics.
Cornish Metals already has full conditional planning permission to build a new processing plant in Pool at the South Crofty tin project, which could serve as a central processing facility for any mining project located within reasonable distance.
The company also holds extensive mineral rights over some 15,000 hectares across Cornwall, covering many past producing mines, including South Crofty and the United Downs group of mines, as well as some old mines historically worked for copper, tin, zinc and tungsten.
United Downs is a near surface, high-grade copper-tin discovery, surrounded by past producing mines. It covers, or is immediately next to, four former producing copper and tin mines of Consolidated Mines and United Mines to the north and south respectively, and the Mount Wellington and Wheal Jane mines to the east.
Cornish Metals has reported the discovery of a new zone of high-grade copper-tin mineralisation located in a previously unmined area between the historic United Mines and Consolidated Mines at United Downs. bit.ly/39qXHQp
The company also has exposure to lithium projects in Cornwall through its agreements with Cornish Lithium Ltd.
Cornish Metals has a 25% free carried interest, up to bankable feasibility study, on Cornish Lithium’s first project located on the company’s mineral right areas, and a 10% free carried interest, up to bankable feasibility study, on any subsequent projects located on the company’s mineral right areas.
It also has 2% gross revenue royalty from any production of metals in brines by Cornish Lithium and from any geothermal energy produced and sold to the national grid or other system produced from within any of the company’s mineral right areas.