First Class Metals plc has raised £300,000 via a private subscription for 1,875,000 ordinary shares at a price of 16p from a single high net worth resource/battery metals investor.
PREMIUM
The subscription includes a one-for-one warrant totalling 1,875,000 warrants each at 22p for a three-year period.
The private subscription is at a 4% premium to the 5 VWAP day mid-closing price from the previous week ending 9 December 2022.
The 16p issue represents a 60% premium to the IPO in late July 2022.
FCM will issue a further 300,000 new ordinary shares in lieu of outstanding fees to a professional advisor, who elected to receive payment in shares.
Conditional on admission, the company’s issued ordinary share capital will be 68,873,707 ordinary shares.