WRAP Retail Offer
Switch Metals PLC is launching a retail offer via the Winterflood Retail Access Platform (WRAP) to raise up to £150,000 through the issuance of up to 1,500,000 new ordinary shares at 10p per share. This offer is conditional on the completion of a separate £1 million subscription at the same price, which represents a discount to the previous day's closing price. The proceeds from both the WRAP Retail Offer and the subscription will be used for the same purposes, and admission of the new shares to AIM is anticipated on May 7, 2026.
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Switch Metals (LSE: SWT), the critical metals focused mining company with assets located in Côte d'Ivoire, is pleased to announce a retail offer via the Winterflood Retail Access Platform ("WRAP") to raise up to £150k (the "WRAP Retail Offer") through the issue of new ordinary shares of £0.0085 each in the capital of the Company ("Ordinary Shares"). Under the WRAP Retail Offer up to 1,500,000 new Ordinary Shares (the "WRAP Retail Offer Shares") will be made available at a price of 10p per share.
In addition to the WRAP Retail Offer and as announced at 07:00 on 30 April 2026, the Company is also proposing a fundraise by way of a subscription for new Ordinary Shares (the "Subscription Shares" and together with the WRAP Retail Offer Shares, the "New Ordinary Shares") to raise £1 million (before expenses) (the "Subscription") at a price of 10p per Subscription Share (the "Subscription Price"). The Subscription Price represents a discount of approximately 23 per cent. to the mid-market closing price of an Ordinary Share on 29 April 2026 (being the latest practicable date prior to this announcement). The issue price of the WRAP Retail Offer Shares is equal to the Subscription Price.
The WRAP Retail Offer and the Subscription are conditional on the New Ordinary Shares being admitted to trading on AIM ("Admission"). It is anticipated that Admission will become effective and that dealings in the New Ordinary Shares will commence at 08.00 a.m. on 7 May 2026.
Sign up to WRAP Deal Notifications at: www.winterflood.com/wrap
WRAP Retail Offer
Therefore, the Company is making the WRAP Retail Offer open to eligible investors in the United Kingdom, being new or existing shareholders of Switch Metals, following release of this announcement and through certain financial intermediaries.
The Retail Offer is expected to close at 16:30 on 1 May 2026. Eligible retail investors should note that financial intermediaries may have earlier closing times. The result of the Retail Offer is expected to be announced by the Company on or around 5 May 2026.
There is a minimum subscription of £100 per investor under the Retail Offer. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges.
| Switch Metals plc Karl Akueson, CEO Andy Yeo, CFO | Via IFC Advisory |
| Allenby Capital Limited (Nominated Adviser & Joint Broker) Corporate Finance: James Reeve / Nick Harriss Sales: Kelly Gardiner / Lauren Wright/ Matt Butlin | +44 (0) 203 328 5656 |
| OAK Securities (Joint Broker) Jerry Keen, Head of Corporate Broking Henry Clarke, Head of Sales | +44 (0) 203 973 3678 jerry.keen@oak-securities.com henry.clarke@oak-securities.com |
| IFC Advisory Limited (Financial PR and IR) Tim Metcalfe / Florence Staton | switchmetals@investor-focus.co.uk +44 (0) 203 934 6632 |
| Winterflood Retail Access Platform Sophia Bechev, Kaitlan Billings | WRAP@winterflood.com +44(0) 20 3100 0214 |
The Company's LEI is 984500640D645EE3EC94.
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Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.