Finance Metals & Minerals News

FCM increases loan to £500,000

Posted on Author editorial Comments Off on FCM increases loan to £500,000

First Class Metals plc has more than doubled its loan for exploration in northern Ontario from the Seventy Ninth Group.

Investor: Seventy Ninth continues due diligence on other FCM assets (Pixabay)

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.

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