Business
Placing to Raise £603,000
Placing to Raise £603,000.
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 \"EU 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\n24th November 2023\nPlacing of 10,050,000 ordinary shares of £0.001 each in the capital of the Company to raise £603,000\n \nFirst Class Metals PLC (\"First Class Metals\" \"FCM\" or the \"Company\") is a UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian - northwest Ontario, land holding is pleased to announce that it has completed a placing of 11,990,665 ordinary shares of £0.001 par value (the \"Placing Shares\") at a price of 6 pence per Placing Share (the \"Placing Price\"), raising gross proceeds of £603,000 and satisfying fees of £48,000\nThe Placing Price represents a 16% discount to the mid-market closing price of the Company's shares on 21 November 2023, the date of the arrangement of the Placing. No warrants are being issued in connection with this placing.\nClear Capital Markets Limited & First Equity Limited acted as placing agents in respect of the Placing.\nUse of Proceeds\n· Development of a drill program at the highly prospective Zigzag lithium/Critical Metals Property.\n \n· Full Repayment of the Sanderson Capital Partners Convertible Loan Note (the \"CLN\").\nThe balance of the placing proceeds will primarily be used to develop a drilling program at the Company's Zigzag lithium/Critical Metals property in Northern Ontario. Further details of the intended work will be released shortly.\nThe Company intends to repay in full the CLN, which stands at £500,000 drawn.\n \nBackground\nWith the recent granting of the Enable and McKellar Exploration Permits, the Company controls six permitted properties in Ontario, Canada, encompassing nearly 200km² of land. Within this area, the Company has identified priority drill targets of robust prospect...