First Class Metals plc said it was finalising the definitive documentation for the sale of one of its assets in Ontario, Canada.
NON-DILUTIVE
The company signed a non-binding letter of intent in June 2025 for the proposed cash transaction.
“The transaction has now entered the final completion phase, with only customary legal formalities, funding settlement procedures and closing mechanics remaining,” added First Class.
“The parties continue to work closely together and are working towards the conclusion and execution of the definitive agreement expeditiously.
“The company believes the transaction, once completed, would represent a significant milestone for the company, providing substantial non-dilutive funds outside of traditional funding sources, whilst maintaining exposure to future additional funding opportunities associated with the property.”
Chief executive officer Marc J. Sale said: “This transaction has been the main focus of management’s efforts for a considerable time and I personally have dedicated significant time to progressing this ‘deal’.
“I feel we are nearing the finish line and the rewards to the company will have been worth the efforts.”
Mr Sale added that 2026 could be a “defining year for FCM”.