First Class Metals plc has raised £166,500 via a private placing of 3.7 million ordinary shares of 0.1p each, at a price of 4.5p.
The placing price is a 10% premium to the middle market price of ordinary shares at the close of business on 21 February 2024.
Having insufficient headroom to issue and admit the placing shares without an FCA-approved prospectus, FCM proposes that James Knowles loans to the company ordinary shares equal to the placing shares.
The loan falls within the terms of the existing share loan agreement and involves no payment or security granted to Mr Knowles.
FCM’s total number of voting rights remains unchanged at 82,045,729.