Extension of Warrant Term and Issue of Equity
Switch Metals PLC has extended the exercise period for 480,000 director warrants held by John Treacy to 3 April 2028, with the exercise price remaining at 5 pence. Additionally, the company has issued 632,460 new ordinary shares to consultants to settle fees, with 110,000 shares issued at 7.5p and 522,460 shares at 10p. Following these issuances and assuming full subscription of the WRAP retail offer, the total number of ordinary shares with voting rights will be 130,241,247.
Select text to share a quote on X · sign in to keep highlights & notes in your SWT notes
Switch Metals (AIM: SWT), the critical metals company focused on tantalum and lithium in the Côte d'Ivoire, announces the variation to the exercise period for director warrants and the issue of new ordinary shares of 0.85p each ("Ordinary Shares") to consultants of the Company in satisfaction of fees.
Extension to warrant exercise period
The Company has today extended the term of 480,000 warrants granted to John Treacy (a Non-Executive Director of Switch Metals) to 3 April 2028 (the "Warrants"). The Warrants were originally granted to Mr Treacy on 25 May 2023 ahead of the Company's IPO (then named Oneiro Energy plc) on the London Stock Exchange, with a term of three years from the admission date.
The Board has concluded that the term of the Warrants should be aligned with those of his fellow director, Andy Yeo, and will now thus expire on 3 April 2028, three years from the Company's admission to trading on AIM. The exercise price of the warrants remains unchanged at 5 pence. All other terms of the Warrants remain unchanged and there are no other unsatisfied vesting criteria.
Issue of shares to consultants
The Company has today issued and allotted a total of 632,460 new Ordinary Shares (the "Fee Shares") to consultants to the Company in settlement of fees due for services provided. Of these, 110,000 new Ordinary Shares have been issued at 7.5p per share in respect of fees disclosed in the Company's admission document dated 3 April 2025, with the remaining 522,460 new Ordinary Shares issued at 10p per share in respect of other consultancy fees.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for the Fee Shares to be admitted to trading on AIM ("Admission"). It is expected that, Admission will occur, and dealings will commence in the Fee Shares at 8.00 a.m. on or around 7 May 2026.
Following Admission and assuming that all new ordinary shares are subscribed for pursuant to the WRAP retail offer announced on 30 April 2026, the total number of Ordinary Shares with voting rights in the Company will be 130,241,247. The Company does not hold any shares in treasury and all of the Ordinary Shares have equal voting rights. This figure may therefore be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
| a) | Name | Switch Metals PLC |
| b) | LEI | 984500640D645EE3EC94 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.85p GB00BNRR5980 |
| b) | Nature of the transaction | Extension of term of warrants to purchase of ordinary shares at 5p per share |
| c) | Price(s) and volume(s) | Price(s) Volume(s) N/A 480,000 |
| d) | Aggregated information - Aggregated volume - Price | N/A |
| e) | Date of the transaction | 30/04/2026 |
| f) | Place of the transaction | Off-Market |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.