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#FCM First Class Metals PLC – Admission of Shares
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”), the UK listed metals exploration company seeking economic metal discoveries across its extensive Canadian Schreiber-Hemlo, Sunbeam and Zigzag land holdings, announces that in respect of the 16,373,674 new ordinary shares (“Shares”) issued since the Company’s IPO on 29 July 2022, no applications were made for the Shares to be admitted to trading. This is a result of the Company and its Directors being given incorrect information by its former financial adviser.
In order to correct this position, the Company will now commence applications for the Shares to be admitted to trading on the Official List of the Financial Conduct Authority (“FCA”) and to trading on the Main Market of the London Stock Exchange. To ensure compliance with the Prospectus Regulation Rules, the Shares will be admitted in four tranches as follows:
i) 13,134,411 Shares will be admitted to trading on or around 23 January 2024;
ii) 2,626,882 Shares will be admitted to trading on or around 26 January 2024;
iii) 525,376 Shares will be admitted to trading on or around 31 January 2024; and
iv) 87,005 Shares will be admitted to trading on or around 5 February 2024.
For the avoidance of doubt, the Company’s issued share capital remains 82,045,729 ordinary shares of 0.1p each, with one vote per share (and no such shares are held in treasury). The total number of voting rights is therefore 82,045,729 and this figure may be used by shareholders as the denominator for the calculations to determine if they have a notifiable interest in the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules, or if such interest has changed.
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
Novum Securities Limited
(Financial Adviser)
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David Coffman/Dan Harris/George Duxberry Novum Securities Limited |
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(0)20 7399 9400 |
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which has a robust and thriving junior mineral exploration sector. Specifically, the Hemlo ‘camp’ is a proven world class address for gold /VMS exploration. This geological terrane has significant production, both base / precious metals and a prolific number of exploration projects and numerous prospector’s ‘showings’.
FCM currently holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold. Late last year FCM completed the option to purchase the historical high grade (gold) Sunbeam past producing mine.
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake drill proven Ni-Cu project. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
#FCM First Class Metals – Warrant Extension
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo & Sunbeam land holding is pleased to announce that, subject to specific warrant holder approval, it has approved a twelve month extension of the outstanding ‘Existing Shareholder Warrants’ and the ‘First Warrants’, which were issued at the point of the Initial Public Offering ‘IPO’ on the 28th July 2022, by way of amendment to the instruments pursuant to which those warrants were constitued.
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Type Of Warrant |
Number Outstanding |
Proposed Expiry |
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10p ‘Existing Shareholder Warrants’ |
6,054,991 |
28th July 2024 |
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12.5p ‘First Warrants’ |
6,195,785 |
28th July 2024 |
The proposed extension to the Existing Warrants is subject to approval in writing by holders of at least two-thirds of the Existing Warrants now outstanding.
The proposed extension to the First Warrants is subject to approval by the holders of First Warrants at a meeting to be held on the 4th August 2023 at 10.00am.
For further information, please contact:
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James Knowles, Executive Chairman |
07488 362641 |
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Marc J Sale, CEO |
07711 093532 |
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Ayub Bodi, Executive Director |
07860 598086 |
First Equity Limited
(Financial Adviser & Broker)
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Jonathan Brown |
0207 3742212 |
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Jason Robertson |
0207 3742212 |
Power Metal Resources #POW – Interim Results
Power Metal Resources plc, the AIM listed metals exploration and development company, announces its unaudited interim results for the six month period ended 31 March 2023 (the “period”).
Sean Wade, Chief Executive Officer of Power Metal commented: “The key to unlocking value is to complete planned portfolio disposals, secure operational partnerships over certain exploration interests, drive our uranium interests forward, and ensure the Company has access to quality sources of finance in sufficient quantity to enable it to boldly pursue its ambitions.
“We are making progress across all these areas and whilst the completion of the Golden Metal Resources IPO and £2.7m financing, both in May 2023, are perhaps the notable events for investors recently, we hope to announce many more corporate and exploration events in the coming weeks and months.
“I would like to thank shareholders for their continued support as we progress through what we believe will be a vibrant and exciting period in the Company’s history.”
KEY DEVELOPMENTS IN THE HALF YEAR TO 31 MARCH 2023
– Completion of exploration programmes across three projects, including drilling at Molopo Farms in Botswana and the Victoria Goldfields in Australia, as well as geophysics and trenching at the Tati project in Botswana. All three have delivered positive exploration results, justifying a decision to proceed to next stage exploration with potential partners showing interest in all three projects.
– Material progress achieved in corporate activities, including pre-IPO preparations for Golden Metal Resources PLC, First Development Resources PLC and Uranium Energy Exploration Ltd.
– Broad spectrum advancement of the Company’s Athabasca Basin uranium portfolio, including additional ground acquisitions through staking, and the management of third-party interest in the uranium portfolio.
– Completion of the conditional acquisition of a larger stake in the Molopo Farms Complex project; the conditional disposal of the Company’s interests in the E-12 property in the Athabasca Basin to Uranium Energy Exploration, and the completion of the disposal of the Company’s interest in the Kanye Resources joint venture (“JV”), to partner Kavango Resources PLC (LON:KAV) for shares, warrants, royalty and long term compensation potential.
– Management changes including the appointment of Owain Morton as Non-Executive Director and Sean Wade as Chief Executive Officer. Together the appointments bring detailed geological, mine engineering and corporate finance skills to the Board and provide Power Metal with an extensive financing network for the Company and its planned spin-out IPO activity.
KEY DEVELOPMENTS SINCE 31 MARCH 2023
– Listing of Golden Metal Resources PLC on the London Stock Exchange in May 2023, with a value of Power Metal’s holding on listing of c £4.4m;
– Appointment of Bill Brodie Good as a Non-Executive Director in May 2023; and
– Financing which has raised £2.7m for the Company to support an acceleration of value generative exploration and corporate activity.
POWER METAL INTERESTS AT TODAY’S DATE
The latest updated review of Power Metal’s business interests is provided in the Company’s investor presentation which may be accessed here:
https://www.powermetalresources.com/investors/presentation/
In addition, a single page Business Overview is provided for investors through the following link:
https://www.powermetalresources.com/company/
LATEST POSITION OF POWER METAL INTERESTS AND TARGETED OBJECTIVES FOR 2023
Priority Exploration and Potential Exploration Project Joint Ventures
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Exploration Interest |
Latest Position & Forward Plans |
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Athabasca Uranium Saskatchewan, Canada (Uranium) POW 100% |
Power Metal currently holds 17 properties covering 1005.14km2 within and surrounding the prolific Athabasca Basin.
The conditional disposal of two of the properties, Reitenbach and E-12, has been announced and work is underway to complete that transaction through a listing in the London capital markets for the proposed holding vehicle, Teathers Financial PLC, to be renamed Uranium Energy Exploration PLC. Preparation of listing documentation is complete and the IPO financing is expected to commence shortly with completion of the transaction in 2023.
Across the Company’s wider Athabasca exploration interests there has been considerable third-party interest in working with Power Metal to finance uranium specific operations. The Company continues to engage with parties and anticipates significant progress to occur in 2023.
In addition, the Company’s recent £2.7m financing has provided the funds for a considerable uranium exploration programme in the Athabasca during the 2023 season, details of which can be found in the Company’s announcement dated 21 June 2023.
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Molopo Farms Complex Project Botswana (Nickel – Copper – Platinum Group Element) POW: 87.71% |
The cumulative exploration programmes undertaken at Molopo Farms have demonstrated significant potential for a major nickel – platinum group element discovery or discoveries. There has been considerable interest from third parties to work with and potentially finance Molopo Farms at project level and Power Metal is working with interested parties at present. The Company is looking to move Molopo Farms forward considerably, targeting a working partnership in place and operational in 2023. |
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Tati Project Botswana (Gold – Nickel) POW: 100% |
Recently completed geophysics and trenching have provided valuable data, adding to that previously collected. This enables the Company to move forward with next stage soil sampling prior to final planning and implementation of planned next stage reverse circulation and diamond drilling targeting a significant gold discovery.
Soil sampling is underway currently alongside continuing work to process fines dumps of previously processed ore from the Cherished Hope gold mine location within the Tati licence footprint with local processing partners.
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Investment Holdings and Disposals Planned/Underway
Note: other project packages within the Power Metal portfolio are also in earlier stages of disposal and/or spin-out preparations in addition to those listed below.
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Business Interest |
Latest Position |
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Kavango Resources PLC (LON:KAV) Botswana & Zimbabwe Exploration (Gold – Base Metals) POW c.10% |
In Q4 2022 Power Metal announced the conditional disposal of its Kanye Resources interest to its joint-venture partner KAV. Following this disposal, Power Metal holds c.10% of KAV worth c.£0.8m as at 31 March 2023. Power Metal also holds 30m warrants to acquire new KAV shares at 4.25p and 30m warrants to acquire new KAV ordinary shares at 5.5p per share, both with a life to expiry ending 8 January 2025. In addition, Power Metal holds a 1% net smelter return royalty over the former JV land footprint. |
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First Class Metals PLC (LON:FCM) Schreiber-Hemlo, Ontario, Canada (Gold – Base Metals) POW c.26% |
FCM secured a listing on the London Stock Exchange in late July 2022 with Power Metal holding an interest following its IPO financing of 28.19% on listing (now c.26% after dilution since listing), worth c.£2.05m as of 31 March 2023. Power Metal also holds 517,705 warrants to acquire new FCM ordinary shares at 10p per share with an expiry date of 29 July 2023. |
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Golden Metal Resources PLC (LON:GMET) Nevada, USA Gold – Base Metals POW c.62% |
GMET secured a listing on the London Stock Exchange in late May 2023 with Power Metal holding an interest following their IPO financing of 62.06%, worth c.£2.05m as at the date of this report. Power Metal also holds 1,749,378 warrants to acquire new GMET ordinary shares at 10.75p with an expiry date of 10 May 2024 and 1,749,378 warrants at 17.5p with an expiry date of 10 May 2025. |
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First Development Resources PLC (FDR) Western Australia /Northern Territory (Gold – Copper – Rare Earth Elements – Uranium – Lithium) POW: c.59% |
FDR is currently in the IPO Financing stage of it listing plans with IPO documentation prepared and ready for listing. The listing of FDR is expected to occur in the near term.
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New Ballarat Gold Corporation PLC (NBGC) Victoria, Australia (Gold) POW: 49.9% JV Partner Red Rock Resources PLC (LON:RRR): 50.1%
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Through its Australian operating subsidiary, Red Rock Australasia Pty Ltd, NBGC has a substantial licence footprint within the Victoria Goldfields, Australia, which is comprised of 17 granted exploration licences covering 1,867km2 and 5 licence applications covering 493km2. The intention of the JV parties is to undertake a listing of NBGC on the UK capital markets. Power Metal is targeting a listing during 2023. |
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ION Battery Resources Ltd (ION) Canada (Lithium & Graphite) POW 100% |
ION comprises two lithium focused projects in Ontario and Quebec and a graphite project in Saskatchewan. Next exploration and corporate steps are under consideration for ION and a further announcement will come in due course. The commercial pathway for ION is expected to be announced, with material progress in the business expected during 2023. |
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New Horizon Metals Pty Ltd (NHM) Queensland and South Australia (Copper – Uranium – Gold) POW 20% |
The JV partners behind NHM are currently considering a number of proposals to secure a listing of NHM on the London or Australian capital markets. Completion of a listing is targeted in 2023. |
PROJECTS WITH NEXT STEPS UNDER CONSIDERATION
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Project |
Latest Position & Key Forward Events |
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Haneti Project Tanzania (Polymetallic) POW: 35% (65% JV Partner Katoro Gold plc (LON:KAT)) |
Power Metal is currently in discussions with a JV partner Katoro Gold (LON:KAT), to determine the future of the Haneti Project.
Further information will be provided when material developments occur.
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Silver Peak Project British Columbia, Canada (Silver) POW: 30% |
Power Metal is currently in discussions with its JV partner to determine next corporate and exploration steps for Silver Peak.
An outcome to these discussions is expected in the near term with advancement of the project from an exploration and/or commercial perspective anticipated during the remainder of 2023.
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FINANCIAL HIGHLIGHTS FOR THE HALF YEAR ENDED 31 MARCH 2023
· Loss for the period, attributable to owners of the parent of £1.50 million (2022: £1.69 million), resulting in loss per share of 0.09 pence (2022: 0.12 pence);
· Financing undertaken in January 2023 raising £0.9 million and acquisitions during the period raised £1.1 million for the Company;
· Total assets of £14.62 million at the period end (30 September 2022: £14.61 million); and
· Net assets of £13.99 million at the period end (30 September 2022: £13.76 million).
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
For further information please visit POW https://www.powermetalresources.com/ or contact:
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Power Metal Resources plc |
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Sean Wade (Chief Executive Officer) |
+ 44 (0) 20 3778 1396 |
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SP Angel Corporate Finance (Nomad and Joint Broker) |
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Ewan Leggat/Charlie Bouverat |
+44 (0) 20 3470 0470 |
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SI Capital Limited (Joint Broker) |
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Nick Emerson |
+44 (0) 1483 413 500 |
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First Equity Limited (Joint Broker) |
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David Cockbill/Jason Robertson |
+44 (0) 20 7330 1883 |
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Blythe Ray (Financial PR)
Tim Blythe/Megan Ray +44 (0) 20 7138 3204
#UKIM Podcast – Alan Green discusses #ANTO Antofagasta, #GGP Greatland Gold and Golden Metal Resources
The UK Investor Magazine was delighted to have Alan Green back on the podcast after a brief hiatus. We delve into key market themes and three UK equities.
UK inflation remains above 10% and presents the Bank of England with a problem. Hike rates to fight inflation and risk the negative economic consequences of higher rates. Or hold off and risk soaring prices in a cost-of-living crisis. We discuss their options.
Antofagasta has released their Q1 production report and we look at the merits of the copper miner in the current environment.
We review Greatland Gold and the Havieron gold project. Alan provides an overview of the latest updates from their JV with Newcrest.
We finish with a look at the upcoming Golden Metal Resources IPO.
#TEK TEKCAPITAL PLC – NOMAD and Broker appointed for MicroSalt AIM IPO
Portfolio Company Update: MicroSalt, Ltd. (“MicroSalt”)
Appointment of Nominated Adviser and Broker for Proposed AIM IPO
Tekcapital Plc (AIM: TEK), (OTCQB: TEKCF) the UK intellectual property investment group focused on creating valuable products that can improve people’s lives, is pleased to announce that Zeus Capital Limited (“Zeus”) has been appointed by portfolio company MicroSalt as its Nominated Adviser and Broker for its proposed IPO on the AIM Market in 2023.
“We are very pleased to appoint Zeus as our Nominated Adviser and Broker, to assist MicroSalt in effectuating an AIM listing and to provide capital market guidance for our global growth strategy,” said Rick Guiney, CEO of MicroSalt®.
About MicroSalt®
MicroSalt, is the developer and manufacturer of a proprietary low-sodium salt called MicroSalt®. We are passionate about improving peoples’ lives with better-for-you seasonings and snacks by taking the lead in the industry by providing the best low-sodium salt solution, based on the mechanical transformation of the salt particle itself. This solution is the only one that delivers real salt flavour because it is salt. Our new patented technology produces salt crystals that are approximately one hundred times smaller than typical table salt, delivering a powerful saltiness as the micro-grains dissolve in the mouth, with approximately 50% less sodium consumption. Additionally, the ultra-small particle size enhances product adhesion, which reduces waste and provides improved flavor consistency. MicroSalt® and SaltMe® are registered trademarks of MicroSalt Inc.
To learn more about MicroSalt please visit https://www.microsaltinc.com
Tekcapital owns approximately 97% of the share capital of MicroSalt Ltd. and approximately 73% of MicroSalt Inc. its U.S. subsidiary.
About Tekcapital plc
Tekcapital creates value by investing in new, university-developed discoveries that can enhance people’s lives and provides a range of technology transfer services to help organisations evaluate and commercialise new technologies. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in the UK. For more information, please visit www.tekcapital.com.
LEI: 213800GOJTOV19FIFZ85
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For Further Information please contact:
Tekcapital Plc |
Via Flagstaff |
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Clifford M. Gross, Ph.D. |
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SP Angel Corporate Finance LLP (Nominated Adviser and Broker) |
+44 (0) 20 3470 0470 |
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Richard Morrison/Charlie Bouverat (Corporate Finance) Abigail Wayne/Rob Rees (Corporate Broking)
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Flagstaff Strategic and Investor Communications |
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+44 (0) 20 7129 1474 |
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Tim Thompson/Andrea Seymour/Fergus Mellon |
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This press release is for informational purposes only. The information herein does not constitute investment advice nor an offer to invest and may contain statements related to our future business and financial performance and future events or developments involving MicroSalt that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to customers, stakeholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements may be based on the current expectations and certain assumptions of MicroSalt’s and/or Tekcapital’s management. Please note that these are subject to a number of risks, uncertainties and factors, including, but not limited to those described in various disclosures. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of MicroSalt or Tekcapital may vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Neither MicroSalt nor Tekcapital intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.
#GMT Golden Metal Resources – Oliver discusses his appointment as CEO of Golden Metal Resources, what’s happening in the company and the roadmap for 2022
#StockBox were delighted to welcome Oliver Friesen, CEO of @GoldenMetalRes
Oliver discusses his appointment as CEO of #GMT, what’s happening in the company and the roadmap for 2022
Listen to the interview here