Fulcrum Metals plc has raised £140,000 from a directors’ subscription of 2.8 million new ordinary shares at the issue price of five pence.
TAILINGS
On 23 May chief executive officer Ryan Mee subscribed for 2.3m shares for £115,000 and now has 9,973,910 ordinary shares, equivalent to 15.43% of the enlarged share capital.
Chief financial officer John Hamilton and non-executive director Alan Mooney each subscribed for 250,000 shares for £12,500 to hold 406,353 shares (0.63%) and 331,250 shares (0.51%), respectively.
On admission, Fulcrum will have 64,625,943 ordinary shares in issue, each with one voting right, and none held in treasury.
Proceeds will go towards the Teck-Hughes and Sylvanite gold tailings recovery projects in Ontario, the master licence agreement to use Extrakt Process Solutions’ non-cyanide technology, and additional working capital.
The funding, combined with the intended sale of the Tully gold project and any future cash from the optioned-out Saskatchewan uranium projects will contribute to Fulcrum’s needs as a group over the next 12 months.