First Class Metals plc has drawn down £650,000, under revised terms of its convertible loan note facility from January 2026.
TVRs
Of the sum, the company converted £250,000 into 16,447,368 new ordinary share at a price of 1.52 pence per share, equal to an approximate 18% discount to the mid-market closing price on 20 March 2026.
The drawdown follows a notice on 19 March 2026 to convert a portion, valued at £306,500, of the January CLN to 37,351,902 new ordinary shares.
The conversion left no CLN outstanding and, on admission, 325,186,315 ordinary First Class shares in issue.
Following admission of the 16,447,368 new ordinary shares, the company’s issued share capital will comprise 341,633,683 ordinary shares, each with equal voting rights.
First Class holds no shares in treasury.
The funds will accelerate follow-on exploration on its Ontario Sunbeam gold property, which displayed visible gold in drill core.
RETAIL OFFER
The company also aims to raise a maximum of £250,000 through a retail offer for new ordinary shares of £0.001, each at an issue price of 1.52p.
The retail offer is expected to close at 5pm on 25 March 2026.