REG - First Class Metals - Repayment Of Directors Share Loan

FIRST CLASS METALSAnnouncement

08/07/2024 16:00

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RNS Number : 5621V  First Class Metals PLC  08 July 2024

The information contained within this announcement is deemed to constitute
inside information as stipulated under the retained EU law version of the
Market Abuse Regulation (EU) No. 596/2014 (the "EU MAR") which is part of UK
law by virtue of the European Union (Withdrawal) Act 2018. The information is
disclosed in accordance with the Company's obligations under Article 17 of the
UK MAR. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

 

FIRST CLASS METALS PLC

08  July 2024

Repayment Of Directors Share Loan

Issue of Shares to Directors

 

First Class Metals PLC ("First Class Metals" "FCM" or the "Company"), a UK
metals exploration company focused on the discovery of economic metal deposits
across its extensive Canadian - northwest Ontario, land holding is pleased to
announce that it has completed the repayment of the shares loaned to the
Company by James Knowles, a director of FCM.

Mr Knowles previously loaned the Company two tranches of shares totalling
9,695,332, as announced on 24 November 2023 and 22 February 2024, and
consequently 9,695,332 new ordinary shares ("Shares") have been issued to him
today to settle this outstanding position.

Admission and Total Voting Rights

Applications will be made to the FCA and the LSE for Admission of the
9,695,332 Shares, which is expected to be on or around 15 July 2024. These
shares rank pari passu with the existing ordinary shares of the Company.

Following Admission, the Company has 91,741,361 Ordinary Shares of £0.001 par
value in issue, each with one vote per share (and none of which are held in
treasury). The total number of voting rights in the Company is therefore
91,741,361 This figure of 91,741,361  may be used by shareholders in the
Company as the denominator for calculations to determine if they have a
notifiable interest in the share capital of the Company under the Disclosure
Guidance and Transparency Rules, or if such interest has changed.

 1.    Details of the person discharging managerial responsibilities/person closely
       associated
 a)    Name:                                                         James Knowles
 2.    Reason for the notification
 a)    Position/status:                                              Executive Chairman
 b)    Initial notification/Amendment:                               Initial notification
 3.    Details of the issuer, emission allowance market participant, auction
       platform, auctioneer or auction monitor
 a)    Name:                                                         First Class Metals PLC
 b)    LEI:                                                          894500V981ZTFLGVOZ38
 4.    Details of the transaction(s): section to be repeated for (i) each type of
       instrument; (ii) each type of transaction; (iii) each date; and (iv) each
       place where transactions have been conducted
 a)    Description of the financial instrument, type of instrument:  Ordinary shares of £0.001 value each

Identification code:
 b)    Nature of the transaction:                                    Issue of Ordinary Shares in Lieu of share loan repayment
 c)    Price(s) and volume(s):                                        Purchase of shares

Price(s)           Volume(s)
                                                                     Nil Consideration  9,695,332
 d)    Aggregated information:                                       Single transaction as in 4 c) above

Aggregated volume:

       Price(s) and volumes:
 e)    Date of the transaction:                                      08 July 2024
 f)    Place of the transaction:                                     Main Market London Stock Exchange

b)

Nature of the transaction:

Issue of Ordinary Shares in Lieu of share loan repayment

c)

Price(s) and volume(s):

 Purchase of shares

 Price(s)           Volume(s)
 Nil Consideration  9,695,332

d)

Aggregated information:

Aggregated volume:

 

Price(s) and volumes:

Single transaction as in 4 c) above

e)

Date of the transaction:

08 July 2024

f)

Place of the transaction:

Main Market London Stock Exchange

 

Ends

For further information, please contact:

 

 James Knowles, Executive Chairman  JamesK@Firstclassmetalsplc.com (mailto:JamesK@Firstclassmetalsplc.com)  07488 362641
 Marc J Sale, CEO                   MarcS@Firstclassmetalsplc.com (mailto:MarcS@Firstclassmetalsplc.com)    07711 093532

Novum Securities Limited

 

(Financial Adviser)

 

 David Coffman/ George Duxberry   www.novumsecurities.com   (0)20 7399 9400

 

 

NOTES TO EDITORS

First Class Metals PLC - Background

First Class Metals listed on the LSE in July 2022 and is focused on metals
exploration in Ontario, Canada which has a robust and thriving junior mineral
exploration sector. In particular, the Hemlo 'camp' near Marathon, Ontario is
a proven world class address for gold exploration, featuring the Hemlo gold
deposit operated by Barrick Gold (>23M oz gold produced), with the past
producing Geco and Winston Lake base metal deposits also situated in the
region.

FCM currently holds 100% ownership of seven claim blocks covering over 180km²
along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt,
exploring for gold, base metals, and rare earth element mineralization. In
addition, FCM is carrying out a joint venture with Palladium One on the West
Pickle Lake Property in the region, a drill-proven ultra-high-grade Ni-Cu
project.

The flagship property North Hemlo had a high-definition low level magnetic
Heli-borne survey flown in April 2022, this was followed with ground
prospecting which ultimately defined the 'Dead Otter Trend' which is a
discontinuous 4.5km gold anomalous trend with a 19.6g/t Au peak grab sample.
This sampling being the highest known assay ever recorded on the North Limb of
Hemlo.

In October 2022 FCM completed the option to purchase the historical high-grade
past-producing Sunbeam gold mine near Atikokan, Ontario, ~15 km southeast of
Agnico Eagle's Hammond Reef gold deposit (3.3 Moz of open pit probable gold
reserves).

FCM acquired the Zigzag Project near Armstrong, Ontario in March 2023. The
property features Li-Ta-bearing pegmatites in the same belt as Green
Technology Metals' Seymour Lake Project, which contains a Mineral Resource
estimate of 9.9 Mt @ 1.04% Li2O. Zigzag was drilled prior to Christmas 2023
and results have now been released.

The significant potential of the properties for precious, base and battery
metals relates to 'nearology', since all properties lie in the same districts
as known deposits (Hemlo, Hammond Reef, Seymour Lake), and either contain
known showings, geochemical or geophysical anomalies, or favourable structures
along strike from known showings (e.g. the Esa project, with an inferred
Hemlo-style shear along strike from known gold occurrences).

 

Forward Looking Statements

Certain statements in this announcement may contain forward-looking statements
which are based on the Company's expectations, intentions and projections
regarding its future performance, anticipated events or trends and other
matters that are not historical facts. Such forward-looking statements can be
identified by the fact that they do not relate only to historical or current
facts. Forward-looking statements sometimes use words such as 'aim',
'anticipate', 'target', 'expect', 'estimate', 'intend', 'plan', 'goal',
'believe', or other words of similar meaning. These statements are not
guarantees of future performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
Given these risks and uncertainties, prospective investors are cautioned not
to place undue reliance on forward-looking statements. Forward-looking
statements speak only as of the date of such statements and, except as
required by applicable law, the Company undertakes no obligation to update or
revise publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.

 

 

 

 

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