REG - Focus Xplore PLC - Update on Fundraising & Business Update
17/04/2025 11:30
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RNS Number : 4932F Focus Xplore PLC 17 April 2025
17 April 2025
Focus Xplore PLC
('Focus Xplore' or the 'Company')
Update on Fundraising, Issue of Equity & Business Update
Placing closed following receipt of funds & artificial intelligence
consultant appointed
Focus Xplore PLC (AIM: FOX), the strategic energy and critical minerals
exploration and development company, is pleased to provide an update regarding
fundraising, as previously announced on 10 February 2025(1) and has now closed
the Placing raising a total of £307,500. The Company has also appointed
artificial intelligence consultant Planetary AI Limited ("Planetary AI") to
assist with the search for and evaluation of exploration opportunities in
Ontario.
Following the receipt of further funds and the conclusion of an agreement with
Planetary AI for part payment of consulting services in shares, the Company
will now proceed to issue and allot 20,000,000 Ordinary Shares in respect of a
placing for £10,000 at 0.05p per share ("Placing Shares") along with
20,000,000 Ordinary Shares to be issued pursuant to the part payment of
consulting fees ("Fee Shares") at 0.05p to Planetary AI. Each Placing Share
and each Fee Share will have one warrant attached with the right to subscribe
for one new share at an exercise price of 0.07p per share for a period of
three years from 28 February 2025.
ABOUT PLANETARY AI LIMITED
Focus Xplore has engaged the services of Planetary AI, a group of experienced
mineral industry professionals, to apply advanced machine learning and
artificial intelligence (AI) technologies to analyse the wide range of data
available across Ontario in the search for and evaluation of exploration
opportunities.
Planetary AI's proprietary Xplore system(2) utilises a unique combination of
semantic technology with machine learning enabling the system to comprehend,
interpret, and reason with data in a manner similar to human understanding.
The system is configured to recognise the meaning and context of geological
data in the same way a geologist can. When applied to large scale and diverse
data, this enables Xplore to identify zones of prospective mineralisation
based on specific mineral deposit models and a diverse set of machine learning
algorithms.
The Xplore platform was first developed by IGS (International Geoscience
Services) Limited ("IGS"), which was the commercial spin out from the British
Geological Survey. The software's intelligence is based on over fifty mineral
deposit types that are found all around the world, which are dependent on
factors such as geology, structure, age, mineralogy and specific spatial
geological relationships(3). Xplore has been significantly enhanced through a
major re-development project over the last two years. It is unique in
comparison to other types of mineral targeting software as it combines proven
mineral deposit intelligence and models developed by geological and
geophysical experts.
Patrick Cullen, Chief Executive Officer of Focus Xplore, commented:
"I have been in discussion with Planetary AI for some time and have worked
with team members in the past, there is an excellent fit with the way Focus
Xplore seeks to execute its strategy. What immediately attracted me to their
platform (coincidentally named 'Xplore') is its development history which
spans back as far as 2011. I've also had the opportunity to discuss the origin
of Xplore with David Ovadia MBE, who headed up IGS following his role as
Director of International and Corporate at the British Geological Survey. It
is clear to me that, unlike some other AI systems being adopted elsewhere,
Xplore has geological knowledge and expertise built in.
The Ontario government and the Ontario Geological Survey provide us with an
extremely data rich environment which is readily accessible to AI. The
additional opportunity we see with applying AI is that we will utilise data
amassed and complied over years of precious and base metal exploration but
where data relevant to critical mineral exploration has often been overlooked.
It's an exciting opportunity and I'm very pleased to welcome Planetary AI on
board.
Meanwhile, we are now finalising contracts and work streams with service
providers for the field activities ahead. These service providers are based in
Thunder Bay which lies central to our Ontario exploration portfolio. I look
forward to providing further updates soon."
ADMISSION AND TOTAL VOTING RIGHTS
An application will be made for the admission of the Placing Shares and Fee
Shares (totalling 40,000,000 Ordinary Shares) to trading on AIM
("Admission"). Admission is expected to occur on or around 25 April 2025.
Following Admission, there will be a total of 2,269,420,573 ordinary shares in
issue with each ordinary share carrying the right to one vote. This figure
may be used by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or
change to their interest in, the Company under the FCA's Disclosure and
Transparency Rules.
CORPORATE BROKER
First Equity Limited becomes Focus Xplore's sole Corporate Broker. The Company
has terminated its engagement with SI Capital Ltd.
REFERENCES
1: Focus Xplore PLC, 10 February 2025, RNS: Conditional Equity Financing and
Strategic Expansion,
.
2: Planetary AI Limited company website:
3: IGS (International Geoscience Services) Limited, 3 June 2024, Xplore
Mineral Prospectivity - A Planetary AI and IGS Partnership,
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