First Class Metals PLC #FCM - Proposed strategic investment by
Seventy Ninth Group via conditional subscription
✅ Proposed Investment in two stages by Seventy Ninth Group of approx £2.18m subject, inter alia, to FCM shareholder approval
✅ On completion of both stages, Seventy Ninth Group will own approx 51.2% of the enlarged FCM share capital
✅ Strategic investment to accelerate the development of project portfoli
✅ Potential for business synergies to create new project acquisition opportunities
✅ Deal will represent Seventy Ninth Group’s first external equity investment in the exploration sector
Chairman James Knowles: “We are delighted ...the deal will provide FCM with an enhanced capability to unlock the potential of our northern Ontario assets. This investment demonstrates the strength of our proposition, particularly against the challenging backdrop of UK capital markets. Securing funding of this nature is essential to advancing our exploration efforts and building shareholder value. With the backing of Seventy Ninth Group, a supportive partner with global reach, we are well-positioned to drive forward our projects efficiently and responsibly.”
Seventy Ninth Group Chairman Dave Webster commented:
“I am delighted that Seventy Ninth Group is making this investment in First Class Metals. As an international conglomerate, we will utilise our global presence to add value across the portfolio and apply the full support of the group’s expertise in developing and financing assets. As we already hold exploration projects in the Republic of Guinea and Ontario, Canada, this investment strengthens our position in the global mining industry whilst giving us increased exposure to a top-tier mining jurisdiction.”
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