Performance Rights Conversion and TVR

RNS Number : 0486B

Future Metals NL

08 February 2022

 

8 February 2022

Future Metals NL

("Future Metals" or the "Company")

 Performance Rights Conversion, Issue of Securities and Total Voting Rights

Future Metals NL ("Future Metals" or the "Company", ASX|AIM: FME ), a platinum group metals ("PGM") focussed company, announces, in   accordance with the terms of the Company's Performance Rights Plan and the previous issue of   Performance Rights approved by shareholders at the Company's general meeting held   on 4 June 2021, that 2,666,666 Class A Performance Rights and 2,666,667 Class B   Performance Rights have now been converted into fully paid new ordinary shares of no par value in the Company ("Ordinary Shares") (the "Conversion Shares"). The Conversion Shares issued   will be held in escrow until 22 June 2023.

Senior Management Performance Rights

As announced on 31 January 2022, the Company has finalised the issue of 4.9 million incentive Performance Rights with various vesting conditions to its recently appointed senior managers and to the Company's Exploration Manager.

Corporate Adviser Options

Following the previously announced appointment of Barclay Wells Ltd to assist in the marketing of the Company   and to introduce potential investors on a non-exclusive basis, the Company has also now issued   the following options:

i.  3,000,000 exercisable at A$0.20 per share once the 20-day volume weighted average market share price ("VWAP") exceeds A$0.30;

ii.  3,000,000 exercisable at A$0.20 per share once the 20-day VWAP exceeds A$0.40; and

iii.  3,000,000 exercisable at A$0.20 per share once the 20-day VWAP exceeds A$0.50.

All of these options have an expiry date of 22 June 2023.

Admission to Trading on AIM and Total Voting Rights

Application will be made for the admission to trading on AIM of the abovementioned 5,333,333 Conversion Shares, which is expected to take effect at 8.00 a.m. (London time) on or around 14 February 2022 ("Admission").

The number of Ordinary Shares in issue, and the total voting rights in the Company, on Admission, will be 353,874,517. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the provisions of the FCA's Disclosure Guidance and Transparency Rules incorporated into the Company's constitution. 

This announcement has been approved for release by Aaron Bertolatti - Finance Director .

For further information, please contact :

Future Metals NL	[phone]
Justin Tremain	[e-mail]
Strand Hanson Limited (Nominated Adviser)	[phone]
James Harris
W H Ireland Limited (UK Broker) Harry Ansell/Katy Mitchell	[phone]

Notes to Editors:

About Panton PGM Project

The Company's 100% owned Panton PGM project is located 60 kilometres north of the town of Halls Creek in the eastern Kimberly region of Western Australia, a tier one mining jurisdiction. The project is located on three granted mining licences and situated just one kilometre off the Great North Highway which accesses the Port of Wyndham.

The Panton PGM Project has a JORC Mineral Resource estimate of 14.32Mt @ 4.89g/t PGM, 0.31g/t Au, 0.27% Ni.

The Panton mineralisation occurs within a layered, differentiated mafic-ultramafic intrusion referred to as the Panton intrusive which is a 10km long and 3km wide, south-west plunging synclinal intrusion. PGM mineralisation is hosted within two stratiform chromite reefs, the Top and Middle reefs, within the ultramafic sequence. 

 

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