First Class Metals plc has raised gross £1 million through a placing of 26,315,790 new ordinary shares, at a price of 3.8 pence per share.
TVRs
The placing price is a 9.5% discount to the bid closing price of the company’s shares on 8 June 2026.
The company will also issue over 909,090 new ordinary shares, in connection with the placing, to Axis Capital Markets Ltd.
Each warrant is exercisable at a price of 5.5p for a period of 36 months from the placing date.
Following admission of the 26,315,790 new ordinary shares, First Class’ total issued sare capital will comprise 416,276,349 ordinary shares, with equal voting rights and none held in treasury.
Net proceeds will help expand exploration on the Sunbeam mine project in Ontario, Canada and go towards general working capital.
Further work might include follow-up drilling at the Roy prospect as well as exploratory drilling during the second half of 2026 at the Pettigrew prospect, subject to regulatory approval.
The company said it had submitted a revised application for a three-year exploration permit covering the whole of Sunbeam.
First Class could also carry out exploration on its other core and non-core projects in Northern Ontario.