UK Placement

RNS Number : 4535B
Future Metals NL
03 October 2022
 

 

3 October 2022

 

Future Metals NL

 

UK Placement

 

 

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME ), a platinum group metals ("PGM") focussed company, is pleased to announce that it has completed a placement of £500,000 (A$872,296[1]) before expenses with a number of High Net Worth Investors ("HNWI") in the United Kingdom ("UK " ) . The terms are materially the same as the recently completed A$5.0 million placement and A$1.0 million share purchase plan.

 

The rationale behind the placement is to increase liquidity on its AIM listing and help improve market presence in the UK, where there has long been an active interest in PGM companies. The Company has engaged with a UK-based investor relations firm Flowcomms Limited to assist in raising the profile of the Company in the UK market.

 

Firm commitments have been received to subscribe for 7,142,856 new fully paid ordinary shares at a price of 7p (A$0.1221) ("Placement Shares"), a premium of approximately 12% to the mid-market closing price on AIM of 6.25p on 30 September 2022. The Placement Shares come with one (1) free attaching warrant ("Placement Warrant") for every three (3) Placement Shares. The Placement Warrant is exercisable at a price of 6p (A$0.1051) and has an expiry date of 11 June 2024. The Placement Shares and Placement Warrants will be issued under the Company's existing placement capacity.

 

Net proceeds from the Placement will provide additional funds to progress the Company's exploration programme searching for Ni-Cu-PGE sulphides at its Panton project, and its scoping study on the existing multi-million ounce PGM-Ni resource.

 

Admission to trading and total voting rights

Application will be made for quotation of the Placing Shares on the Australian Securities Exchange, and to the London Stock Exchange for admission of the Placing Shares to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the Placing Shares will commence on AIM at 8.00 a.m. (London time) on or around 12 October 2022.

 

The number of ordinary shares in issue, and the total voting rights in the Company on Admission, will be 409,684,037. 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 notification provisions incorporated in the Company's constitution.

 

Mr Jardee Kininmonth, Managing Director & CEO of Future Metals, commented :

"The London Stock Exchange (AIM) has historically been the primary market for many PGM companies, typically with assets in South Africa and Russia. Future Metals, with its high-quality Panton PGM-Ni project in Australia, has potential to attract significant interest in the UK via its AIM quotation.  We are therefore delighted to welcome new UK investors as shareholders and look forward to informing the market as we progress our exciting exploration programme and scoping study activities over the coming months."

 

Further Information

For further information please refer to the ASX or LSE platform under ASX | AIM code FME or visit the Company's website at www.future-metals.com.au .


1 AUD:GBP exchange rate of 0.5732 as at market close 30 September 2022



 

 

Enquiries :

 

Future Metals NL

Jardee Kininmonth

 

 

 

+61 8 9480 0414

info@future-metals.com.au

Strand Hanson Limited (Nominated Adviser)

James Harris/James Bellman

 

+44 (0) 20 7409 3494

W H Ireland Limited (UK Broker)

Harry Ansell/Katy Mitchell


+44 (0) 207 220 1670

 

White Noise Communications (Australian IR/PR)

Fiona Marshall

 

+61 400 512 109

FlowComms (UK IR/PR)

Sasha Sethi

+44 7891 677441

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as is forms part of United Kingdom domestic law pursuant to the European Union (Withdrawal) Act 2018, as amended.

 



[1] AUD:GBP exchange rate of 0.5732 as at market close 30 September 2022

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