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 […]
Tag: Seventy Ninth Group
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. […]
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 in talks to sell certain Ontario assets
First Class Metals plc has started discussions on a possible sale of certain of its core and non-core properties in northern Ontario. VALUE Talks with Southport-based Seventy Ninth Resources Ltd, part of asset manager Seventy Ninth Group, aim to establish a commercial heads of terms. Seventy Ninth Resources has since 2011 focused on potential gold […]