First Class Metals plc has received more than £1 million from an oversubscribed discounted fundraise and a warrant exercise.
PLACING & SUBSCRIPTION
The company placed 9,599,000 ordinary shares and held a subscription of 375,000 ordinary shares, each of £0.001 par value, at a price of 10 pence per share.
Every two placing and subscription share has an attached warrant to subscribe for one new ordinary share at a price of 12.5 pence, for a period of 24 months from the date of admission.
All shares being issued represent approximately 12% of the company’s enlarged ordinary share capital following the £997,400 fundraise.
FCM added that the fundraise was at a 5% discount to the mid-market closing price of the company’s shares on 23 June 2023.
DIRECTOR DEALINGS
Chief executive officer Marc J Sale subscribed for a total of 375,000 ordinary shares in a private placement of £37,500.
The shares will be held in the name of Specialist Exploration Services Scotland Ltd, a UK registered company controlled by Mr Sale.
WARRANT EXERCISE
The company additionally received £51,770.50 following notice from 25.93% shareholder Power Metal Resources plc to exercise 517,705 warrants each at 10p for £51,770.50.
These warrants were issued at the point of the IPO in July 2022.
On admission, FCM’s total issued share capital will comprise 81,886,294 ordinary shares. The company holds no shares in treasury.
USES
Net proceeds of the grand total of £1,049,170.5 will primarily be used to fund exploration drilling at the company’s polymetallic assets in Ontario, Canada.