First Class Metals PLC (LSE: FCM) is pleased to announce that it has signed a non-binding Letter of Intent (“LOI”) in relation to a potential disposal of one of its properties. The proposed transaction, if completed, would be material to the Company and reflects the growing third-party interest in the Company’s highly prospective portfolio.
The proposed consideration is entirely cash, and the prospective purchaser is currently undertaking detailed due diligence with the intention to move to binding documentation as soon as possible. Whilst there can be no certainty at this stage that a transaction will complete, the Board is encouraged by the progress to date.
The Company is also pleased to confirm that it has successfully raised gross proceeds of £520,000 through the issue of 26,000,000 new ordinary shares of 0.1p each at a price of 2p per share, representing a discount of approximately 7% to the closing mid-market price of 2.15p on 4 June 2025, being the last trading day prior to this announcement. This comprises a placing of 25,000,000 new ordinary shares raising £500,000 via Clear Capital Markets Limited (“CCM”), the Company’s placing agent, with the shares placed with institutional and high net worth investors, and a private subscription of £20,000 by Non-Executive Director Marc Bamber for 1,000,000 new ordinary shares.
The proceeds will strengthen the Company’s working capital position and enable further exploration work across its portfolio. This includes targeted programmes in the early part of the summer focused on refining and defining key targets, which are expected to lead to more invasive fieldwork and drilling in the latter part of the season.
Director Participation in the Fundraising
As part of the fundraising, the Company confirms that Marc Bamber, Non-Executive Director, has subscribed for 1,000,000 new ordinary shares at a price of 2p per share for a total consideration of £20,000. Following this subscription, Marc Bamber will be interested in 1,375,000 ordinary shares.
Marc Sale, CEO of First Class Metals, commented:
“This potential transaction is not only a strong endorsement of the underlying value in our portfolio, but also as it’s a significant cash deal has the probability to be transformational for the Company. We are confident this is a pivotal moment for First Class Metals as we move decisively to unlock that value for shareholders.”
James Knowles, Chairman of First Class Metals, added:
“Following the withdrawal of the second stage investment from 79TH GRP earlier this year, it was important for the Board to act decisively. This fundraise provides the financial flexibility to advance our exploration strategy over the coming months, with early summer work aimed at generating meaningful results.
Total Voting Rights
Application will be made to the Financial Conduct Authority (“FCA”) for admission of the 26,000,000 new ordinary shares to the Equity Shares (transition) category of the Official List, and to the London Stock Exchange for admission to trading on the Main Market for listed securities (together, “Admission”). Admission is expected to occur on or around 12 June 2025.
Following Admission, the Company’s issued share capital will consist of 217,741,361 ordinary shares of 0.1p each, each with one voting right. The Company does not hold any shares in treasury. Therefore, the total number of voting rights in the Company will be 217,741,361. This figure may be used by shareholders as the denominator for calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Notification and public disclosure of transaction by person discharging managerial responsibilities
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1 |
Details of the person discharging managerial responsibilities/person closely associated |
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a. |
Name |
Marc Bamber |
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2 |
Reason for notification |
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a. |
Position/Status |
Non-Executive Director
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b. |
Initial notification/ Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a. |
Name |
First Class Metals PLC |
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b. |
LEI |
894500V981ZTFLGVOZ38 |
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4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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a. |
Description of the financial instrument, type of instrument |
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Ordinary shares of £0.001 value each ISIN Code: GB00BPJGTF16 |
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b. |
Nature of the transaction |
participation in Placing |
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c. |
Price(s) and volume(s) |
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d. |
Aggregated information
– Aggregated Volume
– Price |
N/A |
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e. |
Date of the transaction |
5 June 2025 |
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f. |
Place of the transaction |
London Stock Exchange |
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For Further Information:
Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here:
https://fcm-l.investorhub.com/link/MP7o0P
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
