REG - Fulcrum Metals PLC Panther Metals PLC - Holding(s) in Company

Fulcrum MetalsAnnouncement

12/03/2024 07:15

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RNS Number : 4136G  Fulcrum Metals PLC  12 March 2024

Fulcrum Metals plc / EPIC: FMET / Market: AIM / Sector: Mining

 

 

12 March 2024

 

 

Fulcrum Metals plc

("Fulcrum" or the "Company" or the "Group")

 

Holding(s) in Company

and

Extension of Substantial Shareholder Lock-in Agreement

 

Fulcrum Metals plc (LON: FMET), a company focused on mineral exploration and
development in Canada, announces that Panther Metals plc ("Panther") has sold
a total of 2,346,717 ordinary shares of 1 p each in the Company (the "Ordinary
Shares") on 11 March 2024 at an average price of 15.2 pence per Ordinary Share
(the "Transaction").

 

Following the Transaction, Panther will continue to hold 7,625,122 Ordinary
Shares (the "Panther Shares"), representing 15.26% of the Company issued share
capital.

 

Lock-in Agreement

 

As set out in the Company's Admission Document dated 8 February 2023 (the
"Admission Document"), Panther entered into a lock-in agreement (the
"Agreement") with the Company, Allenby Capital Limited ("Allenby Capital") and
Clear Capital Markets Limited ("Clear Capital"). In accordance with Rule 7 of
the AIM Rules for Companies, the Agreement imposed a 12 month hard lock-in and
a 12 month orderly market provision on Panther's shareholding in the Company,
with effect from admission of the Company Ordinary Shares to trading on the
AIM market of the London Stock Exchange on 14 February 2023 ("Admission").

 

Pursuant to the Transaction, Panther has on 11 March 2024 entered into a new
lock-in agreement (the "New Agreement"), with the Company, Allenby Capital and
Clear Capital, thereby imposing a hard lock-in period on the Panther Shares to
15 May 2025 and the orderly market provision on the Panther Shares for a year
thereafter through to 15 May 2026.

 

The provisions of the New Agreement shall apply to the Panther Shares and any
Ordinary Shares allotted and issued to or subsequently acquired by Panther
during the locked-in period described in the New Agreement.

 

Related party transaction

 

The New Agreement with Panther is deemed to be a transaction with a related
party pursuant to rule 13 of the AIM Rules for Companies (the "AIM Rules") by
virtue of Panther being a substantial shareholder of the Company (within the
meaning of the AIM Rules). The directors of the Company (who, with the
exception for Mitchell Smith, are all independent for the purposes of the
transaction) consider, having consulted with the Company's nominated adviser,
Allenby Capital Limited, that the terms of the New Agreement with Panther are
fair and reasonable insofar as the Company's shareholders are concerned. In
view of the fact that Mitchell Smith was a director of Panther until October
2023 the board have decided to not treat Mitchell Smith as an independent
director for the purposes of this transaction.

 

Ryan Mee, Chief Executive Office of Fulcrum, commented:

 

"I am very pleased to be able to announce that Panther has entered into this
new lock-in and orderly market agreement going out to May 2026. This
demonstrates Panther's support for how Fulcrum has positioned itself since
listing as well as its confidence in the opportunity before us. We welcome the
ongoing commitment of Panther as a substantial shareholder in Fulcrum.

 

"Agreeing this new lock in has been an example of how businesses can, and
should, work together to maintain positive and progressive business
relationships for the good of all stakeholders. I would like to thank the
Panther Board and Fulcrum's new and existing shareholders who have made this
possible.

 

"I look forward to providing further updates to the market as we seek to
deliver value for all Fulcrum shareholders from both our project portfolio
initiatives and further business opportunities."

 

For further information please visit https://fulcrummetals.com/
(https://fulcrummetals.com/) or contact:

 Fulcrum Metals PLC
 Ryan Mee (Chief Executive Officer)           Via St Brides Partners Limited

 Allenby Capital Limited (Nominated adviser)
 Nick Athanas / George Payne                  Tel: +44 (0) 203 328 5656

 Clear Capital Markets Limited (Broker)
 Bob Roberts                                  Tel: +44 (0) 203 869 6081

 St Brides Partners Ltd (Financial PR)
 Ana Ribeiro / Paul Dulieu                    Tel: +44 (0) 20 7236 1177

 

 

Notes to Editors

 

FULCRUM METALS - BACKGROUND

 

Fulcrum Metals PLC (LON: FMET) is an AIM quoted exploration company which
finances and manages exploration projects focused on Canada, widely recognised
as a top mining jurisdiction.

 

Fulcrum currently holds a beneficial 100% interest in highly prospective gold
and base metals projects in Ontario and uranium projects in Saskatchewan.

 

Fulcrum's strategy is to focus on discovery and commercialisation of its
Projects through targeted exploration programmes. The primary focus is to make
an economic discovery on the flagship Schreiber-Hemlo Properties and to
establish the prospectivity of its wider Ontario and Saskatchewan portfolio
with a view to securing potential joint venture and/or acquisition interest.

 

The Schreiber - Hemlo properties have a history of prospecting and localised
extraction since the late 19th century. However, coherent property-level
exploration programmes have been limited or absent, particularly in recent
times. Fulcrum has an opportunity to carry out such a programme and this
approach provides the best opportunity to fully explore the significant
prospectivity of the properties. A recent structural study identified 42
priority exploration targets, of which 24 targets within the Big Bear property
and 18 in the Jackfish property, with 14 in total (9 on Big Bear and 5 on
Jackfish) being ranked as high priority for follow-up. The properties have the
potential to host a large, structurally controlled, stratabound-style banded
iron formation (BIF) gold prospect similar to the Musselwhite deposit
(McNicoll et al., 2016), in addition to an Archean greenstone, orogenic-style
lode gold prospect, extending past the bounds of known historical mineral
occurrences.

 

The Tully property, 458 hectares in area, is located 30 kilometres northeast
of Timmins, Ontario and includes the Tully (Timmins North) deposit, which has
been the focus of several drilling campaigns since its discovery in 1969. The
Tully deposit is located 2 kilometres southwest of the Bradshaw Gold Project
of Gowest Gold Ltd., currently in development. The property is accessed by an
all-weather gravel road that extends 15 kilometres to the east off of highway
655.

 

While highly prospective, Fulcrum's mining assets are in the exploration
phase, so Fulcrum stands to be able to add significantly to the inherent value
through exploration success. Fulcrum will continually review opportunities
with potential and with a view to increasing shareholder value. It is the
Board's intention to deliver medium and long-term growth and to establish the
Group as a significant exploration company.

 

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