First Class Metals plc has issued nearly 91 million shares on today’s publication of an approved prospectus, following a proposed £2.18 million investment in December 2024.
OWNERSHIP
The Ontario-focused explorer issued 78,552,084 new ordinary shares of £0.001 each to The Seventy Ninth Group Ltd to meet the terms of the investor’s subscription.
The balance of the issued shares fulfil certain contractual obligations.
Following issue of 90,922,121 shares, FCM’s total issued share capital will comprise 191,741,361 ordinary shares, each with voting rights. The company holds no shares in treasury.
The prospectus allows FCM to trade on the main market of the London Stock Exchange.
Seventy Ninth proposed a two-stage subscription for a total 128,500,000 ordinary shares of £0.001 at 1.7p per share.
The two stages comprise 78,552,084 and 49,947,916 shares respectively, subject to shareholder approval.
Following issue of all the shares, Seventy Ninth will own 51.2% of FCM and receive 64,250,000 FCM warrants exercisable at 5p and 64,250,000 warrants exercisable at 10p.