Fulcrum Metals plc’s shareholders today approved the part cash payment for, and amended conversion of, its remaining convertible loan note, leaving the company debt free.
RESILIENCE
The £663,052 CLN, including interest, relates to the August 2023 acquisition of the Tully gold property in Ontario, which matured on 31 July 2025 and was extended to 31 August 2025.
Fulcrum has paid three CLN holders a total of £213,579.
For the remaining CLN of £449,493, the company will convert £430,078 into 14,335,946 new ordinary shares 0.1 pence each at 3 pence per share, reduced from 18.5 pence, and pay £19,395 cash for withholding taxes.
Fulcrum will also grant one warrant for every two new ordinary shares amounting to 7,167,973 warrant shares, exercisable at five pence per share and valid for 18 months.
Following admission, the company’s total issued share capital will comprise 121,962,212 ordinary shares.
Fulcrum executives’ CLN, totalling 13,319,226 conversion shares, increased their total holding from 29,174,133 shares representing 27.25% of the company, to 42,493, 359 (34.8%).
“By removing approximately £430,000 of debt and replacing it with equity, we have strengthened the balance sheet and simplified the corporate structure,” said chief executive officer Ryan Mee.
“This creates a more resilient platform from which to deliver our strategy of turning waste into gold and creating long-term value for shareholders.”
In July 2025, Fulcrum extended the binding letter of intent to no later than 30 September 2025 for the sale of the Tully gold project in Timmins.
The company owns the Teck Hughes and Sylvanite mines tailings projects at Kirkland Lake in Ontario, as well as exploration and development projects in Ontario and Saskatchewan.
Fulcrum is additionally looking at a possible deal with Panther Metals plc which has an option for the Winston mine tailings project, also in Ontario.