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 […]
Tag: First Class Metals plc
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. […]
FCM increases loan to £500,000
First Class Metals plc has more than doubled its loan for exploration in northern Ontario from the Seventy Ninth Group. KERRS The new loan agreement increases the original figure from £230,000 to £500,000 and will be drawn in a single tranche, repayable on 25 May 2025 at 15% interest. Seventy Ninth, which previously purchased McKellar […]
FCM assays support Dead Otter ‘gold trend’
First Class Metals plc said that photon assays of previous samples had revealed a new area of gold anomalism at the Dead Otter trend within its North Hemlo property in Ontario, Canada. DISTRIBUTION The company sent 25 samples of the total collected for re-assaying after earlier results had not reflected the potential gold values. Chief […]
FCM raises £256,500 via placing
First Class Metals plc has repaid 5.9 million shares to and borrowed 9.5m from its chairman, raising £256,500 via a 16% discounted private placing of 9.5m shares at 2.7 pence per share. ONTARIO In July Mr Knowles loaned two tranches of shares totalling 5,912,059 ordinary shares of £0.001 par value, which were issued to him […]
FCM accelerates Dead Otter exploration
First Class Metals plc has upgraded the Dead Otter trend within its North Hemlo property to “high profile” target and accelerated exploration with a “potentially significant impact”. DISCOVERY The project was previously confirmed to have a discontinuous 3.7km long gold trend, open along strike, in the south of the property. Gold was also panned from […]