Director Subscription to raise £140,000
Directors subscribe for £140,000 of shares at 5p per share, raising capital for tailings projects and technology development.
- Funds raised £140,000
- Issue price per share 5p
- New shares issued 2,800,000
- CEO subscription £115,000
- Total voting rights post-admission 64,625,943
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Fulcrum Metals plc (AIM: FMET), a technology led company focused on the recovery of precious metals from mine tailings in Canada, announces that certain members of the Board have subscribed for a total of £140,000 of new Ordinary Shares (the "Director Subscription"). The Director Subscription will result in the issue and allotment of a total of 2,800,000 new Ordinary Shares at the Issue Price of 5 pence (the "Director Subscription Shares").
The funds will be utilised by the Company as follows:
- towards the development of the Company's tailings projects, Teck-Hughes and Sylvanite;
- to support the development of the master licence agreement entered into with Extrakt Process Solutions, details of which were announced by the Company on 22 May 2025, including to provide funding for the initial annual licencing fee; and
- to provide additional working capital.
This funding, together with the previously announced monetisation of certain of the Company's exploration assets - including the signing of a binding letter of intent with TSX Venture Exchange listed Loyalist Exploration Limited for the sale of the Company's Tully Gold Project (announced on 9 April 2025)- and any future cash generated from the optioned-out Saskatchewan uranium projects (announced on 3 July 2024) will contribute towards the wider funding requirements of Fulcrum as a group over the coming 12 months.
Commenting on the Director Subscription Ryan Mee, CEO of Fulcrum Metals, said:
"The subscription at a premium to the prevailing market price reflects the Directors' confidence in Fulcrum's growth prospects. Significant progress has been made in transforming the Company - from the monetisation of exploration assets and acquisition of tailings projects to successful technology testing initiatives. Most notably, the recently announced exclusive Master Licence Agreement for Extrakt's cyanide free technology marks a pivotal step forward, enabling Fulcrum to unlock the substantial mineral potential of its Kirkland Lake tailings projects and assets across Canada's two most prolific gold camps."
Directors' Subscription
The following Directors have conditionally subscribed for Ordinary Shares in the Company in the amounts set out in the table below:
| Director | Current number of Ordinary Shares held | Director Subscription | Director Subscription shares | Number of Ordinary Shares following the Fundraise | % of enlarged share capital following the Fundraise |
|---|---|---|---|---|---|
| Ryan Mee (Chief Executive Officer)* | 7,673,910 | £115,000 | 2,300,000 | 9,973,910 | 15.43% |
| John Hamilton (Chief Financial Officer) | 156,353 | £12,500 | 250,000 | 406,353 | 0.63% |
| Alan Mooney (Non-Executive D irector ) | 81,520 | £12,500 | 250,000 | 331,250 | 0.51% |
*In addition to the shareholdings set out in the table above, OnGold Invest Corp. ("OnGold"), a company owned equally by Ryan Mee, Aidan O'Hara and Mitchell Smith, owns 312,500 Ordinary Shares in the Company.
The Director Subscription is conditional upon Admission (as defined below) only.
The FCA notifications in relation to the above and made in accordance with the requirements of the UK Market Abuse Regulation are appended further below.
Related party transaction
The participations in the Director Subscription constitute related party transactions under the AIM Rules for Companies. Mitchell Smith (Non-Executive Chairman) and Aidan O'Hara (Corporate Development Director are considered independent in relation to the consideration of these related party transactions under AIM Rule 13.
The Independent Directors (being Mitchell Smith and Aidan O'Hara) consider, having consulted with the Company's nominated adviser, Allenby Capital Limited, that the terms of the subscriptions for the Director Subscription Shares are fair and reasonable insofar as the Company's shareholders are concerned.
Admission and Total Voting Rights
Application will be made for the 2,800,000 Director Subscription Shares to be admitted to trading on the AIM Market of the London Stock Exchange ("Admission"). It is expected that the issue of the 2,800,000 Director Subscription Shares will take place, Admission will become effective and that dealings in the Director Subscription Shares on the AIM market of the London Stock Exchange will commence on or around 2 June 2025.
On Admission, the Company will have 64,625,943 Ordinary Shares in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights will be 64,625,943 and this figure may be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
| 2 | Reason for the notification | |
| a) | Position/status | See 1a) above |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Fulcrum Metals Plc |
| b) | LEI | 21380058R5JN7ZOLZK12 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of nominal value 1 pence each GB00BPCPPZ79 |
| b) | Nature of the transaction | Subscription for Ordinary Shares |
| c) | Price(s) and volume(s) | Price: 5p per Ordinary Share Volumes: Ordinary Shares subscribed for: Ryan Mee 2,300,000 John Hamilton 250,000 Alan Mooney 250,000 |
| d) | Aggregated information - Aggregated volume - Price | N/A |
| e) | Date of the transaction | 23 May 2025 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.