First Class Metals plc has more than doubled its loan for exploration in northern Ontario from the Seventy Ninth Group.
KERRS
The new loan agreement increases the original figure from £230,000 to £500,000 and will be drawn in a single tranche, repayable on 25 May 2025 at 15% interest.
Seventy Ninth, which previously purchased McKellar gold-VMS and Enable gold-silver properties, continues due diligence on other FCM assets.
FCM has separately issued 423,570 new ordinary shares of £0.001 to the owners of the Kerrs gold earn-in option in relation to the first shares payment.
Following admission, the company’s issued share capital comprises 98,076,990 shares, each with one voting right. FCM holds no shares in treasury.