Issue of Equity & Total Voting Rights
First Class Metals PLC has announced the full conversion and satisfaction of its Convertible Loan Note, with £37,500 in notes converted into 1,619,793 new Ordinary Shares, expected to be admitted to trading on June 12, 2026. Following this, the company has no outstanding CLN debt or other borrowings. The total issued ordinary share capital will now comprise 389,960,559 Ordinary Shares, with an equal number of voting rights. This conversion marks the conclusion of a financing arrangement that supported exploration initiatives, removing a financing overhang and positioning the company to focus on asset advancement.
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Following this conversion, the Convertible Loan Note ("CLN") announced on 30 January 2026 has been fully converted and satisfied in its entirety. Accordingly, the Company has no outstanding CLN debt or other borrowings
| Notes to be converted: * & ** | 37,500 |
| Value of Notes to be converted: | £37,500 |
| Date of conversion: | 04/06/2026 |
| Number of Ordinary shares to be issued to satisfy the conversion | 1,619,793 |
* Notes = 37,500 £1.00 interest-free convertible loan notes
** Using the conversion formula set out in the 30 Jan 2026 announcement
Total Voting Rights
Application will be made to the London Stock Exchange for the 1,619,793 new Ordinary shares to be admitted to trading on the Main Market for listed securities ("Admission") and it is expected that such Admission will take place at 8.00 a.m. on or around on 12th June 2026.
In accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the above new Ordinary shares, its issued ordinary share capital will comprise 389,960,559 Ordinary Shares. All the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 389,960,559. The above figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interests in, or a change to their interest in, the Company.
James Knowles, Executive Chairman of First Class Metals, commented:
"The full conversion of the January 2026 Convertible Loan Note marks the successful conclusion of a financing arrangement that provided important support to the Company at a pivotal stage of its development. The funding enabled First Class Metals to advance key exploration initiatives, including the drilling programme at Sunbeam, while continuing to progress its wider Ontario portfolio. With the CLN now fully converted and no outstanding CLN debt remaining, the Company has removed this financing overhang and is well positioned to focus on advancing its assets and creating value for shareholders."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.