Fulcrum Metals plc has raised a total of £1.045 million via a placing and direct subscription of new ordinary shares of one pence each in the company, at three pence per share.
METALS ONE
The placing of 29 million new ordinary shares raised £870,000, with one warrant attached to every two shares subscribed, exercisable at five pence for 18 months from the date of issue.
Existing shareholder Nicholas Nugent subscribed for £120,000 in the placing for 4m placing shares.
Mr Nugent currently owns 6,386,288 ordinary shares representing 9.88% of the issued share capital of the company.
The direct subscription of £175,000 for 5,833,333 new ordinary shares is from Metals One plc, representing approximately 5.9% of the enlarged share capital.
Metals One, focused on Finland, Sweden and potentially the USA, will also receive one warrant for every two subscription shares, on the same terms as the placing warrants.
The two companies will collaborate on existing projects and assess any new opportunities.
The fundraise shares will be issued subject to shareholder approval at the company’s general meeting on 23 July 2025.
Fulcrum said it was also in talks with new sophisticated mining industry investors to raise a further £150,000 through another subscription on the same terms.
Overall net proceeds will progress the Teck Hughes mine tailings project in Ontario with drilling, completion of a mineral resource estimate and environmental assessment.
Funds will also contribute to fees and partial repayment of an existing £656,489 convertible loan note dating from before Fulcrum’s 2023 acquisition of the Tully gold project.
Fulcrum has agreed a one-month extension to the CLN which matures on 31 July 2025.
The company will use fundraise proceeds to repay £211,465 and is also in talks with the holders of the £445,024 balance, which it expects to convert into new Fulcrum ordinary shares.
Certain Fulcrum directors hold £224,090 of the CLN.
TVRs
On completion of the fundraise, the company will issue 34,833,333 new ordinary shares and 17,416,667 investor warrants.
Fulcrum will also issue 2,550,000 and 466,667 warrants to two brokers, respectively, exercisable at the issue price for three years after admission.
Following admission of the 34,833,333 new ordinary shares, the company will have 99,459,276 ordinary shares in issue, each with one voting right.
Fulcrum holds no shares in treasury.