First Class Metals plc has raised £85,500 via a private placing of 3,035,714 ordinary shares of £0.001 par value at a 5.6% premium of 2.8 pence per placing share.
AGREEMENTS
Executive chairman and director James Knowles will loan a number of shares because the company has insufficient headroom to issue and admit the placing shares without a Financial Conduct Authority approved prospectus.
The loan involves no consideration paid or security granted to Mr Knowles or a chargeable fee.
Under share lending agreements, the company will allot a total 5,912,059 new FCM shares to Mr Knowles by 30 December 2024 to replace the shares loaned.
As part of the placing, the company placed 107,142 new shares with Mr Knowles and 321,429 with chief executive officer Marc Sale.
Additionally, 1,785,714 placing shares will settle various outstanding professional fees.
A further 1,090,631 new shares are being issued to Nuinsco Resources Ltd in respect of the year two Zigzag earn-in option.
FCM said that the total number of voting rights of 91,741,361 remains unchanged.