@FirstEquityLtd Morning Comment @FirstClassMetal4 Oct 2022 11:43
Previous estimates suggest there could be 50,000 to 70,000 tonnes of ore at a grade of 13.0 g/t gold remaining in the old workings, with the structure hosting the Sunbeam Mine open in all directions #FCM https://twitter.com/Share_Talk/status/1577231536268926976?s=20
The project acquisition consideration is an initial C$700K, along with C$750K in exploration-related expenses over three years, certain milestone payments up to C$500K if a resource is defined and a net smelter royalty of 1%.
Sunbeam’s purchase is being financed through the raising of a 12-month – £1m convertible loan note (converting at 12p, 15p, 19p and 22p), with 1 for 1 warrants issued on each drawdown exercisable between 20p and 30p, and small equity placing at 12p to raise £80K, with attached warrants exercisable at 20p
https://www.share-talk.com/first-equity-limited-morning-comment-first-class-metals-fcm-l-sunbeam-acquisition/