The information contained within
this announcement is deemed to constitute inside information as
stipulated under the retained EU law version of the Market Abuse
Regulation (EU) No. 596/2014 (the "EU MAR") which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. The
information is disclosed in accordance with the Company's
obligations under Article 17 of the UK MAR. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain.
FIRST
CLASS METALS PLC
08
July 2024
Repayment
Of Directors Share Loan
Issue of
Shares to Directors
First Class Metals PLC ("First
Class Metals" "FCM" or the "Company"), a UK
metals exploration company focused on the discovery of economic
metal deposits across its extensive Canadian -
northwest Ontario, land holding is pleased to announce that it
has completed the repayment of the shares loaned to the Company by
James Knowles, a director of FCM.
Mr Knowles
previously loaned the Company two tranches of shares totalling
9,695,332, as announced on 24 November 2023
and 22 February 2024, and consequently 9,695,332
new ordinary shares ("Shares") have been issued to him today to
settle this outstanding position.
Admission and Total Voting Rights
Applications will be made to the FCA
and the LSE for Admission of the 9,695,332 Shares, which is
expected to be on or around 15 July 2024. These shares rank pari
passu with the existing ordinary shares of the Company.
Following Admission, the Company has
91,741,361 Ordinary Shares of £0.001 par
value in issue, each with one vote per share (and
none of which are held in treasury). The total number of voting
rights in the Company is therefore 91,741,361 This figure of
91,741,361 may be used by shareholders in the Company as the
denominator for calculations to determine if they have a notifiable
interest in the share capital of the Company under the Disclosure
Guidance and Transparency Rules, or if such interest has
changed.
1.
|
Details of the person discharging managerial
responsibilities/person closely associated
|
a)
|
Name:
|
James Knowles
|
2.
|
Reason for the notification
|
a)
|
Position/status:
|
Executive Chairman
|
b)
|
Initial
notification/Amendment:
|
Initial notification
|
3.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name:
|
First Class Metals PLC
|
b)
|
LEI:
|
894500V981ZTFLGVOZ38
|
4.
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
a)
|
Description of the financial
instrument, type of instrument:
Identification code:
|
Ordinary shares of £0.001 value
each
|
b)
|
Nature of the
transaction:
|
Issue of Ordinary Shares in Lieu of
share loan repayment
|
c)
|
Price(s) and volume(s):
|
Purchase of shares
Price(s)
|
Volume(s)
|
Nil Consideration
|
9,695,332
|
|
|
|
|
|
d)
|
Aggregated information:
Aggregated volume:
Price(s) and volumes:
|
Single transaction as in 4 c)
above
|
e)
|
Date of the transaction:
|
08 July 2024
|
f)
|
Place of the transaction:
|
Main Market London Stock
Exchange
|
Ends
For further information, please
contact:
Novum Securities Limited
(Financial Adviser)
David Coffman/ George
Duxberry
|
www.novumsecurities.com
|
(0)20 7399 9400
|
NOTES TO EDITORS
First Class Metals PLC - Background
First Class Metals listed on the LSE
in July 2022 and is focused on metals exploration in Ontario,
Canada which has a robust and thriving junior mineral exploration
sector. In particular, the Hemlo 'camp' near Marathon, Ontario is a
proven world class address for gold exploration, featuring the
Hemlo gold deposit operated by Barrick Gold (>23M oz gold
produced), with the past producing Geco and Winston Lake base metal
deposits also situated in the region.
FCM currently holds 100% ownership
of seven claim blocks covering over 180km² along a 150km strike of
the Hemlo-Schreiber-Dayohessarah greenstone belt, exploring for
gold, base metals, and rare earth element mineralization. In
addition, FCM is carrying out a joint venture with Palladium One on
the West Pickle Lake Property in the region, a drill-proven
ultra-high-grade Ni-Cu project.
The flagship property North Hemlo
had a high-definition low level magnetic Heli-borne survey flown in
April 2022, this was followed with ground prospecting which
ultimately defined the 'Dead Otter Trend' which is a discontinuous
4.5km gold anomalous trend with a 19.6g/t Au peak grab sample. This
sampling being the highest known assay ever recorded on the North
Limb of Hemlo.
In October 2022 FCM completed the
option to purchase the historical high-grade past-producing Sunbeam
gold mine near Atikokan, Ontario, ~15 km southeast of Agnico
Eagle's Hammond Reef gold deposit (3.3 Moz of open pit probable
gold reserves).
FCM acquired the Zigzag Project near
Armstrong, Ontario in March 2023. The property features
Li-Ta-bearing pegmatites in the same belt as Green Technology
Metals' Seymour Lake Project, which contains a Mineral Resource
estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to
Christmas 2023 and results have now been released.
The significant potential of the
properties for precious, base and battery metals relates to
'nearology', since all properties lie in the same districts as
known deposits (Hemlo, Hammond Reef, Seymour Lake), and either
contain known showings, geochemical or geophysical anomalies, or
favourable structures along strike from known showings (e.g. the
Esa project, with an inferred Hemlo-style shear along strike from
known gold occurrences).
Forward Looking
Statements
Certain statements in this announcement may contain
forward-looking statements which are based on the Company's
expectations, intentions and projections regarding its future
performance, anticipated events or trends and other matters that
are not historical facts. Such forward-looking statements can be
identified by the fact that they do not relate only to historical
or current facts. Forward-looking statements sometimes use words
such as 'aim', 'anticipate', 'target', 'expect', 'estimate',
'intend', 'plan', 'goal', 'believe', or other words of similar
meaning. These statements are not guarantees of future performance
and are subject to known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially from
those expressed or implied by such forward-looking statements.
Given these risks and uncertainties, prospective investors are
cautioned not to place undue reliance on forward-looking
statements. Forward-looking statements speak only as of the date of
such statements and, except as required by applicable law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise.