Funding & LOI5 Jun 2025 08:16
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
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