Subscription to raise £550,000
Fulcrum Metals PLC has successfully raised £550,000 in gross proceeds through a direct subscription at 11 pence per share, a premium of approximately 4.8% to the previous closing price. These funds will bolster the company's balance sheet and support ongoing work programmes, including a pilot scoping study, Mineral Resource Estimates, and the evaluation of potential integrated production scenarios for its tailings projects. Additionally, 227,273 new ordinary shares were issued to a service provider, valued at £25,000, to settle fees related to the subscription. The company also anticipates implementing share option plans for executive directors and staff, with potential exercise prices matching the 11p subscription price. Following the admission of these new shares, the total issued share capital will be 147,358,025 ordinary shares.
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Fulcrum Metals PLC, the AIM-quoted company pioneering the use of innovative technology to recover precious metals from mine waste, is pleased to announce that it has raised gross proceeds of £550,000 through a direct subscription with a single investor (the "Subscription") for 5,000,000 new ordinary shares of 1 pence each in the Company (the "Subscription Shares") at a price of 11 pence per share (the "Issue Price").
The Issue Price represents a premium of approximately 4.8 per cent. to the closing mid-market price of the Company's ordinary shares on 6 March 2026.
Use of Proceeds
The funds raised from the Subscription strengthens the Company's balance sheet and supports ongoing work programmes across Fulcrum's tailings projects and pilot plant strategy including:
- the pilot scoping study
- work towards Mineral Resource Estimates
- evaluation of potential integrated production scenarios
Ryan Mee, Chief Executive Officer of Fulcrum Metals plc, commented:
"We are pleased to welcome a new investor who recognises the opportunity in Fulcrum's innovative cyanide free strategy and approach to tailings and its tailings portfolio.
The funds raised will provide additional flexibility to complete important workstreams underway, in particular the pilot scoping study.
We look forward to updating shareholders as these work programmes advance."
Issue of Shares to Service Provider
The Company has also issued 227,273 new ordinary shares (the "Fee Shares") at the Issue Price to a service provider in settlement of fees in connection with the Subscription totalling £25,000.
Board incentive options
Currently there are no Board or management options in issue. Following publication of the Company's audited results for the year ended 31 December 2025, the Company's remuneration committee intends to implement share option plans and/or grant options to the executive directors and other staff members of the Company as a means of incentivising growth and furthering alignment with shareholders.
It is anticipated that any options granted will have an exercise price of 11p, matching the issue price of the Subscription announced today, with a potential option pool of up to 10% of the issued share capital of the Company at the time of the grant. A further announcement will be made at the time of the grants.
Admission and Total Voting Rights
Application has been made for the Subscription Shares and the Fee Shares (together the "New Ordinary Shares") to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). It is anticipated that Admission of the 5,227,273 New Ordinary Shares will occur on or around 12 March 2026.
From Admission, the Company's issued ordinary share capital will comprise 147,358,025 ordinary shares of 1 pence each, with one voting right each. The Company does not hold any ordinary shares in treasury. Therefore, the total number of ordinary shares and voting rights in the Company is 147,358,025.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.