First Class Metals PLC Issue of Equity - Professional Fees

RNS Number : 9397I

First Class Metals PLC

21 October 2024

 

 

The 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.

 

FIRST CLASS METALS PLC

21 October 2024

Issue of Equity-Professional Fees

First Class Metals PLC ("First Class Metals" "FCM" or the "Company") the UK metals exploration company focused on the discovery of economic metal deposits across its extensive Canadian - Northern Ontario land holding, announces that it has issued 2,742,250 ordinary shares of £0.001 par value ("Shares")  to a number of key service providers, in lieu of professional fees, totalling £70,111.

Application is being made for the 2,742,250 Shares to be admitted to the Official List and to trading on the Main Market of the London Stock Exchange which is expected to be on or around 24 October 2024. These Shares rank pari passu with the existing ordinary shares of the Company.

Total Voting Rights

In accordance with the FCA's Disclosure Guidance and Transparency Rules, including the issue of the Shares, the Company's issued share capital consists of 100,819,240 Shares, each with one voting right. The Company does not hold any Shares in treasury. Therefore, the total number of voting rights in the Company is 100,819,240.

The above figure of 100,819,240 should be used by shareholders in the Company as the
denominator for the calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.

For Further Information:

Engage with us by asking questions, watching video summaries, and seeing what other shareholders have to say. Navigate to our Interactive Investor hub here: Home | First Class Metals (firstclassmetalsplc.com)

For further information, please contact:

James Knowles, Executive Chair
Email: [e-mail]
Tel: [phone]

Marc J Sale, CEO
Email: [e-mail]
Tel: [phone]

Novum Securities Limited (Financial Adviser)
David Coffman / George Duxberry
Website: www.novumsecurities.com
Tel: [phone]

Axis Capital Markets (Broker)
Lewis Jones / Ben Tadd
Website: Axcap247.com
Tel: [phone]

 

NOTES TO EDITORS

 

First Class Metals PLC - Background

First Class Metals listed on the LSE in July 2022 and is focused on metals exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. In particular, the Hemlo 'camp' near Marathon, Ontario is a proven world class address for gold exploration, featuring the Hemlo gold deposit operated by Barrick Gold (>23M oz gold produced), with the past producing Geco and Winston Lake base metal deposits also situated in the region.

FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for gold, base metals, and rare earth element mineralization. In addition, FCM is carrying out a joint venture with Palladium One on the West Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu project.

The flagship property North Hemlo had a high-definition low level magnetic Heli-borne survey flown in April 2022, this was followed with ground prospecting which ultimately defined the 'Dead Otter Trend' which is a discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This sampling being the highest known assay ever recorded on the North Limb of Hemlo.

In October 2022 FCM completed the option to purchase the historical high-grade past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of Agnico Eagle's Hammond Reef gold deposit (3.3 Moz of open pit probable gold reserves).

FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The property features Li-Ta-bearing pegmatites in the same belt as Green Technology Metals' Seymour Lake Project, which contains a Mineral Resource estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023 and results have now been released.

The significant potential of the properties for precious, base and battery metals relates to 'nearology', since all properties lie in the same districts as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain known showings, geochemical or geophysical anomalies, or favourable structures along strike from known showings (e.g. the Esa project, with an inferred Hemlo-style shear along strike from known gold occurrences).

 

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as 'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal', 'believe', or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 

 

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