Fulcrum Metals plc said it had received acceptance letters for 13,774,827 warrants over new ordinary shares of one pence each, for a total £688,741, through its bonus warrant acceleration offer.
TVRs
The amount represents a 47.6% uptake on the exercise of warrants, excluding those held by directors.
Fulcrum has also extended the offer period, which began on 17 December 2025, to 20 February 2026, after several warrant holders indicated they wanted to participate.
The offer allows holders of warrants, exercisable at five and three pence, to exercise their warrants at their stated exercise price. All other warrant holders may exercise their warrants at five pence each.
In return, holders who exercise their warrants receive a half bonus warrant, exercisable at 10 pence and valid for 18 months from 16 January 2026.
The company has issued an aggregate of 6,887,416 new warrants to warrant holders who have accepted the offer.
Substantial shareholder Nick Nugent accepted the offer and exercised 5,050,200 warrants and has been issued with 2,525,100 bonus warrants.
Following admission, Fulcrum’s issued ordinary share capital will comprise 138,287,039 ordinary shares of one pence each, with one voting right each.
The company does not hold any ordinary shares in treasury.
The offer aims to raise funds for Fulcrum’s Teck-Hughes and Sylvanite gold tailings projects in Ontario, Canada.
Work includes auger drilling and testing at Sylvanite and development work at Teck Hughes, following completion of metallurgical and optimisation testing.