First Class Metals plc chairman James Knowles has stepped down following completion of an initial subscription, representing 41% of the company’s enlarged share capital, by The Seventy Ninth Group.
OPPORTUNITIES
Mr Knowles has become managing director, while Seventy Ninth’s chairman David Webster is now a director and non-executive chairman and chief executive Marc Sale retains his role but is no longer a director.
“Since our IPO in July 2022, it has been a privilege to lead First Class Metals through a period of significant growth and achievement,” said Mr Knowles.
“I am immensely proud of the progress we have made in advancing our exploration projects and strengthening our position within the Ontario gold and critical metals sector.”
He also paid tribute to Mr Sale’s “invaluable” contribution as a director.
“While Marc has stepped down from the board, I am pleased that he will continue to lead the company as CEO, ensuring continuity in our strategic vision and operational activities.
“I am excited to work closely with Dave, Marc and the team as we build on our accomplishments and pursue the opportunities ahead.”
Seventy Ninth’s second subscription will result in its shareholding in the Ontario-focused company increasing to 51.2%, subject to approvals.