First Class Metals plc’s non-executive chairman David Webster, also chairman of its largest investor The Seventy Ninth Group, has resigned following police fraud allegations about the group. COMPANY MOVES Mr Webster has also resigned as a director with the Ontario-focused explorer, a spin-out from Power Metal Resources plc. Companies House records that as at 31 […]
Tag: First Class Metals plc
Power Metal reduces voting rights in FCM
Power Metal Resources plc has reduced its voting rights in its spin-out company First Class Metals plc. A TR-1 notification shows that the decrease from 19.5 to 9.9%, equal to 19,033,802 voting rights, took place on 3 March 2025. FCM holds gold, nickel, copper and lithium assets in Northern Ontario, Canada.
FCM chairman steps down to become MD
First Class Metals plc chairman James Knowles has stepped down following completion of an initial subscription, representing 41% of the company’s enlarged share capital, by The Seventy Ninth Group. OPPORTUNITIES Mr Knowles has become managing director, while Seventy Ninth’s chairman David Webster is now a director and non-executive chairman and chief executive Marc Sale retains […]
FCM issues 91m shares on prospectus publication
First Class Metals plc has issued nearly 91 million shares on today’s publication of an approved prospectus, following a proposed £2.18 million investment in December 2024. OWNERSHIP The Ontario-focused explorer issued 78,552,084 new ordinary shares of £0.001 each to The Seventy Ninth Group Ltd to meet the terms of the investor’s subscription. The balance of […]
FCM loan increases for North Hemlo-Sunbeam
First Class Metals plc’s existing loan has further increased from £500,000 to £700,000 for the North Hemlo and Sunbeam gold projects in Ontario, Canada. DRILLING The money from Seventy Ninth Group Ltd, which initially loaned £230,000 in June, adds to the investor’s proposed £2.18 million financing. Funds will be drawn in a single tranche and […]
FCM secures proposed £2m investment
First Class Metals plc has secured a proposed £2.18 million investment for a 51.2% ownership via a shares subscription from Seventy Ninth Group Ltd. SUPPORTIVE The two-stage subscription will be for a total 128,500,000 ordinary shares of £0.001 at 1.7p per share. The two stages comprise 78,552,084 and 49,947,916 shares respectively, subject to shareholder approval. […]