Fulcrum Metals plc has raised £245,010 via an oversubscribed subscription for 8,166,990 new ordinary shares of one pence each with certain sophisticated value-add mining industry, high net worth and institutional investors.
TVRs
The subscription, at the issue price of three pence per share, follows a fundraise earlier this month of just over £1 million.
Each subscriber receives one warrant for every two shares subscribed, exercisable at five pence for 18 months from the date of issue, giving a total 4,083,496 warrants.
Fulcrum will ask for shareholders’ approval to issue the warrants at a general meeting.
Following admission, the company will have 107,626,266 ordinary shares in issue, each with one voting right. No shares are held in treasury.
Proceeds will redeem certain convertible loan note (CLN) holders totalling £211,465.
Chief executive officer Ryan Mee and corporate development director Aidan O’Hara each subscribed for £75,000 CLNs.
Chief financial officer John Hamilton subscribed for £12,500 and independent non-executive director Alan Mooney, £15,000.
Fulcrum said it would finalise discussions with the remaining CLN holders, for the balance of £445,024, on conversion into equity and eventually remove all debt.
The company holds gold tailings reprocessing projects in Kirkland Lake, Ontario, USA.