First Class Metals PLC has raised £500,000 through an interest-free Convertible Loan Note (CLN) with an international institutional investor, providing funding for its upcoming drilling campaign on the Dead Otter trend at the North Hemlo Property in Ontario. The program will target a high-grade 19 g/t gold anomaly identified in previous exploration.
The loan carries a twelve-month maturity with mandatory conversion at maturity, while the company retains the right to redeem the balance at 125% of nominal value.
In addition, the investor has been granted an option to purchase £250,000 in warrants, exercisable at 120% of the closing market price on 11 November 2025, when shares closed at 3.18 pence.
First Class Metals also confirmed that negotiations for a potential asset sale are progressing, with due diligence complete and commercial terms agreed, signalling a period of active corporate development alongside the company’s exploration plans.
James Knowles, Executive Chairman commented:
“This agreement with the Investor provides FCM with the immediate flexibility to advance exploration at North Hemlo, where the planned drilling campaign represents a pivotal and exciting phase for the Company. The support of an institutional investor at this critical juncture underscores confidence in our portfolio and in our strategy to unlock shareholder value through both the continued development and monetisation of our assets.”
We have prepared a short video summary of this announcement that you can view directly here: https://firstclassmetalsplc.com/link/P4xZQP
For further information, please contact:
James Knowles, Executive Chair
Email: JamesK@Firstclassmetalsplc.com
Tel: 07488 362641
Marc J Sale, CEO, Executive Director
Email: MarcS@Firstclassmetalsplc.com
Tel: 07711 093532
