First Development Resources plc has raised £1 million through an over-subscribed discounted placing of 33,333,333 new ordinary shares of one pence each in the company.
TVRs
The issue price of three pence per placing share is an 8% discount from the middle close market price of 3.25p as at the close of business on 24 October 2025.
Each placing share will have one warrant attached, exercisable at five pence for a period of 12 months from admission to trading of the placing shares.
First Development said it proposed to extend the term of 56,831,921 “investor warrants”, exercisable at 10 pence, by six months to 29 January 2027.
On admission, the “concert party”, which is the largest shareholder of an aggregate 44.54% of the existing issued share capital will reduce its holding to 34.11% in the enlarged issued share capital.
Following admission, First Development’s issued share capital will comprise 139,192,763 ordinary shares.
The company does not hold any ordinary shares in treasury.
First Development is a spin-out of Power Metal Resources plc which retains a 43.4% interest.
Net proceeds from placing the will further work on the rare earth elements targets of Ingallan, Nintabrinna West and Lander West at the Selta project in the Aileron Province of Northern Territory, Australia.
Funds will also secure access and permitting for the Wallal gold-copper project in Paterson Province, Western Australia.