Completion of Equity Fundraise

In brief · summary, not quotable

Completed equity fundraise raising £3.1m net proceeds, with potential for up to £10m additional from warrant exercises.

Net proceeds from Equity Fundraise and Retail Offer £3.1 million
Potential gross proceeds from warrant exercises up to £10 million
Total potential gross proceeds up to £15 million
Warrant exercise price 2p per warrant

Full announcement

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Further to the announcement of 31 January 2025, Metals One (AIM: MET1), which is advancing strategic minerals projects in Finland and Norway, is pleased to announce that all conditions in respect of the Equity Fundraise have been satisfied and the Equity Fundraise has completed.

Together with the Retail Offer, the Equity Fundraise (including the CLN) has delivered net proceeds of £3.1 million, putting the Company in a strong financial position from which to advance its current copper and nickel projects and diversify its commodity base and footprint through opportunistic acquisitions that may include gold and defence minerals projects.

Pursuant to the Equity Fundraise, the Company will issue the Investors with certificates for the Prepaid Warrants and the Cash Warrants which are exercisable at a fixed price of 2p per warrant subject to the terms set out in the 31 January 2025 announcement. The Cash Warrants are exercisable for a period of six months from the date of grant and, if exercised, would bring in up to £10 million in additional gross proceeds to the Company.

Capitalised terms used in this announcement have the same meaning as those given to them in the 31 January 2025 announcement unless otherwise defined.

Jonathan Owen, CEO of Metals One, commented:

"The transaction completed today has the potential to bring in up to £15 million in gross proceeds to secure high impact metals exploration opportunities, both within our existing projects and others we may look to acquire. There are a lot of high-quality projects out there which lack the resources to advance them. With the benefit of this funding, Metals One will look to capitalise on this, applying smart exploration techniques to high-impact opportunities. The first wave of these is likely to be our drilling of high impact copper targets in Finland this year. We look forward to announcing further details on our exploration programmes in the coming weeks."

Metals One current European project portfolio

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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.