Fulcrum Metals plc has raised £643,500 via a 45% discounted conditional subscription of 8,043,750 new ordinary shares of 1 pence, at a price of 8 pence per share, by certain existing shareholders.
DIRECTORS
The company’s directors will later this month raise an additional £114,500, comprising a £89,769 subscription and conversion of outstanding salaries totalling £24,731 into new ordinary shares all at the issue price.
Chief executive Ryan Mee, corporate development officer Aidan O’Hara, chief financial officer John Hamilton and interim non-executive chairman Alan Mooney will take part.
The fundraise will then total £733,000.
Fulcrum will also issue 525,000 new ordinary shares at the issue price to advisers.
On admission of the 8,043,750 subscription shares and the 525,000 fee shares, the company will have 58,529,693 ordinary shares in issue, each with one voting right. Fulcrum holds no shares in treasury.
USES
Net proceeds will help advance and pay CA$250,000 for the Teck-Hughes option and progress the Sylvanite gold tailings project in Ontario.
The company will also review establishing a technology testing facility in the Timmins region, and advancing its drill-ready assets, particularly the Tully and Big Bear gold projects.
Fulcrum said it would need to raise further capital by June 2025.
The company is currently undertaking due diligence on a proposed non-executive chairman.