Business
Funding & Corporate Update
First Class Metals PLC has secured up to £1,000,000 through an interest-free Convertible Loan Note Instrument with an international investor to fund its maiden drill programme at the Sunbeam Property and for general working capital. The first tranche of £350,000 is expected shortly, with further tranches available. The notes are convertible at 82% of the lowest daily VWAP over five trading days prior to conversion notice, with mandatory conversion at maturity, and the company can redeem them at 125% of their nominal value. Additionally, a 2% commitment fee applies per tranche, and the investor receives warrants equivalent to 35% of each tranche, with 4,803,922 warrants at 2.55 pence per share issued for the first tranche. The company is also accelerating a CAD$100,000 payment to acquire 100% ownership of the Kerrs Gold Property, which has a historical resource of approximately 386,000 ounces of gold. Disclaimer*
About this update from First Class Metals Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the \"UK MAR\") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n\nFIRST CLASS METALS PLC\n30 January 2026\nFunding & Corporate Update\n \nFirst Class Metals PLC (\"First Class Metals\", \"FCM\" or the \"Company\"), the UK-listed exploration company advancing high-grade, district-scale gold opportunities in Ontario, Canada, is pleased to announce that it has entered into a new interest-free Convertible Loan Note Instrument (\"CLN\" or the \"Convertible Loan Notes\") with an international investor (the \"Investor\") for up to £1,000,000.\n \nHighlights and Funding Overview\n \n· The Company has secured funding in order to advance its maiden drill programme on the Sunbeam Property and general working capital requirements.\n· Under the terms of the CLN, the Investor has agreed to subscribe for up to £1.0 million interest-free convertible loan notes of £1 each, to be issued in tranches, with a twelve-month maturity from the date of the instrument.\n· The first tranche of £350,000 has been agreed and is expected to be drawn shortly, with further tranches available in accordance with the terms of the CLN.\n· The Convertible Loan Notes are interest-free and are convertible at the option of the Investor at a price equal to 82% of the lowest daily VWAP over the five trading days immediately prior to the submission of a conversion notice. Conversion of any outstanding balance is mandatory at maturity, subject to statutory shareholding limits.\n· The Company retains the right, prior to maturity, to redeem the Convertible Loan Notes at 125% of their nominal value.\n· A 2% commitment fee is payable in respect of each tranche and may be offset against the subscription proceeds at drawdown.\n· The CLN additionally provides the Investor with warrants ...