REG - Future Metals NL - Results of Share Purchase Plan

Future Metals NLAnnouncement

12/09/2022 09:45

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RNS Number : 0897Z  Future Metals NL   12 September 2022

 

 

 

12 September 2022

Future Metals NL

Results of Share Purchase Plan

Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) announces
that the Share Purchase Plan ("SPP") announced on 17 August 2022 to raise up
to A$500,000 from existing shareholders closed on Friday 9 September 2022.

 

The Company is pleased to advise that the SPP was heavily oversubscribed. In
order to reduce the level of scale back, the Board has used its discretion
under the Prospectus (dated 22 August 2022) to increase the SPP to raise up to
A$1,000,000, through the issue of 8,000,000 new ordinary shares in the capital
of the Company (SPP Shares). Notwithstanding such increase, applications will
still be scaled on a pro-rata basis to A$1,000,000, with the balance of funds
returned to applicants as soon as possible

 

Together with the placement announced on 17 August 2022 (Placement), the
Company has therefore raised a total of A$6,000,000 (before expenses) pursuant
to its capital raising. The funds raised under the Placement and SPP (net of
costs) will be applied to exploration activities to test Panton's significant
Ni-Cu-PGE sulphide potential and progress a scoping study based on the
existing PGM resource, as well as ongoing metallurgical test work and for
general working capital.

 

The SPP is priced at $0.125 per new ordinary share and will also include one
free attaching option ("SPP Option") for every three SPP Shares issued, with
the SPP Options exercisable at price of A$0.10 per share with an expiry date
of 11 June 2024.

 

The Company is now working on the completion of the issue of the SPP Shares
and SPP Options to shareholders.

 

The free attaching options issued will be issued under the Company's 7.1
Placement Capacity.

 

Trading of the SPP Shares on the ASX on a normal settlement basis will
commence on 15 September 2022.

 

Admission to trading on AIM and total voting rights

Application has been made to the London Stock Exchange plc for admission of
the SPP Shares to trading on AIM ("Admission"). It is expected that Admission
will become effective and that dealings in the SPP Shares will commence on AIM
at 8.00 a.m. (London time) on or around 15 September 2022.

The number of ordinary shares in issue, and the total voting rights in the
Company, on Admission, will be 402,541,183. This figure may 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 notification provisions incorporated into
the Company's constitution.

 

This announcement has been approved for release by the Board of Future Metals
NL.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as is forms part of United Kingdom domestic law pursuant to
the European Union (Withdrawal) Act 2018, as amended.

 

For further information, please contact:

 

 

 Future Metals NL                               +61 8 9480 0414
 Jardee Kininmonth                              info@future-metals.com.au (mailto:info@future-metals.com.au)

 Strand Hanson Limited (Nominated Adviser)      +44 (0) 20 7409 3494
 James Harris/James Bellman

 W H Ireland Limited (UK Broker)                +44 (0) 207 220 1670

 Harry Ansell/Katy Mitchell

 White Noise Communications (Australian IR/PR)  + 61 400 512 109

 Fiona Marshall

 

 

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