REG - Metals One PLC - Stage 2 Completion Råna Project

Metals OneAnnouncement

04/09/2024 07:00

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RNS Number : 7881C  Metals One PLC  04 September 2024

 

4 September 2024

 

Metals One Plc

("Metals One" or the "Company")

 

Stage 2 Completion of Kingsrose's Earn-in to the Råna Ni-Cu-Co Project,
Norway

 

Receipt of Equity

&

Issue of Equity

 

Metals One (AIM: MET1), which is advancing strategic minerals projects in
Finland and Norway, is pleased to announce that the Company's Råna (nickel,
copper, cobalt) Project partner and operator, Kingsrose Mining Limited (ASX:
KRM) ("Kingsrose"), has satisfied the conditions precedent to the second stage
of the Transaction Implementation Agreement ("TIA") between Metals One (via
Scandinavian Resource Holdings Pty Ltd ("SRH")), Kingsrose and Global Energy
Metals Corporation (TSXV: GEMC) regarding its staged earn-in to the Råna
Project ("Second Completion"). As a result, Kingsrose has to date earned a 51%
interest in the Råna Project by incurring A$3 million of expenditure, and
drilling at least 5,000 metres, on the project. Metals One's Råna Project
ownership now stands at 39%, with the balance being held by Global Energy
Metals Corporation.

 

Kingsrose has also successfully completed its recent drilling programme at the
Råna Project. A total of 706 metres was drilled over three drill holes. Drill
core samples have been dispatched to the analysis laboratory and will be
announced by Kingsrose and the Company in due course.

 

Kingsrose has also announced its intention to proceed to earn the third
milestone interest, which equates to a 65% interest in the Råna Project, by
incurring a further A$4 million of expenditure on the Råna Project.

 

The terms of the TIA are covered in Metals One's admission document published
on 31 July 2023 ("Admission Document"), which is available to view here:
https://metals-one.com/investors/#company-documents
(https://metals-one.com/investors/#company-documents)

 

Receipt of Equity

 

In accordance with the TIA, Kingsrose has issued Metals One (via SRH) with
1,000,000 fully paid ordinary shares in Kingsrose as part consideration for
the earn in. Kingsrose's share price at close of trading on 3 September 2024
was A$0.035.

 

Issue of Equity

 

Pursuant to the TIA and the achievement of Second Completion, and as set out
in the Admission Document, the Company will issue 31,250,000 ordinary shares
of £0.001 each ("Ordinary Shares") in the Company at a price of 0.8p per
share (being the 30 day volume weighted average price of the Company's
Ordinary Shares immediately preceding the Second Completion date) to the SRH
Vendors (as defined in the Admission Document) (the "Stage 1 Deferred
Consideration Shares"). The Ordinary Shares will be subject to 12-month
lock-in agreements.

 

The SRH Vendors include Chincherinchee Nominees Pty Ltd (ACN 609 039 367) as
bare trustee for Azalea Family Holdings Pty Ltd as trustee for the Britt and
Winton Willesee Family Trust ("Winton Willesee") which will be issued with
7,031,250 Ordinary Shares and result in Winton Willesee, a non-executive
director of the Company, holding a related party shareholding of 21,531,250
Ordinary Shares representing 5.96% of the Company's enlarged issued share
capital.

 

Application will be made to the London Stock Exchange for admission of the
Stage 1 Deferred Consideration Shares, which will be issued fully paid and
rank pari passu in all respects with the Company's existing Ordinary Shares,
to trading on AIM ("Admission"). It is expected that Admission will become
effective and dealings in the Stage 1 Deferred Consideration Shares will
commence at 8.00 a.m. on or around 10 September 2024.

 

Following Admission, the total number of Ordinary Shares in the capital of the
Company in issue will be 361,467,500 with voting rights. 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 a change
to their interest in, the Company's share capital pursuant to (i) the
Company's Articles, (ii) the Financial Conduct Authority's Disclosure Guidance
and Transparency Rules and/or (iii) the AIM Rules for Companies issued by the
London Stock Exchange plc as amended from time to time.

 

Jonathan Owen, Chief Executive Officer of Metals One, commented:

 

"We're delighted that Kingsrose has achieved its Second Completion milestone -
a strong endorsement of its commitment to the project. Kingsrose's continued
investment has ensured drill work has been able to occur on schedule and we
look forward to analysing the results of the recent core drilling programme
which will help inform next steps for the project."

 

Enquiries:

 

 Metals One Plc                                                       via Vigo Consulting

 Jonathan Owen, Chief Executive Officer                               +44 (0)20 7390 0234

 Beaumont Cornish Limited (Nominated Adviser)                         +44 (0)20 7628 3396

 James Biddle / Roland Cornish

 www.beaumontcornish.com (http://www.beaumontcornish.com)

 SI Capital Limited (Joint Broker)                                    +44 (0)14 8341 3500

 Nick Emerson

 Capital Plus Partners Limited (Joint Broker)                         +44 (0)20 3821 6169

 Keith Swann

 https://www.capplus.co.uk/ (https://www.capplus.co.uk/)

 Vigo Consulting (Investor Relations)                                 +44 (0)20 7390 0234

 Ben Simons / Kendall Hill

 metalsone@vigoconsulting.com (mailto:metalsone@vigoconsulting.com)

 

About Metals One

 

Metals One is developing strategic metals projects in Finland (Black Schist
Project) and Norway (Råna Project), with approximately £9 million of
exploration carry exposure through a farm-in agreement. Metals One is aiming
to help meet the significant demand for strategic minerals by defining
resources on the doorstep of Europe's major electric vehicle OEMs and battery
manufacturers. Metals One's Black Schist Project in Finland, totalling 706
km(2) across three licence areas, has a total Inferred Resource of 57.1 Mt
nickel-copper-cobalt-zinc and is located adjacent to one of Europe's largest
strategic minerals producers, Terrafame. Metals One's fully carried Råna
Project in Norway covers 18.14 km² across three contiguous exploration
licences, with significant opportunity for exploration of the Råna intrusion,
and proven potential for massive sulphide nickel-cobalt-copper mineralisation.

 

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https://metals-one.com

 

Market Abuse Regulation (MAR) Disclosure

 

The information set out below is provided in accordance with the requirements
of Article 19(3) of the Market Abuse Regulations (EU) No. 596/2014 which forms
part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018
('MAR').

 

Nominated Adviser

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

 1    Details of the person discharging managerial responsibilities

 a)   Name                                                         Winton Willesee
 2    Reason for the notification
 a)   Position/status                                              Non-Executive Director
 b)   Initial notification /Amendment                              Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Metals One Plc

 b)   LEI                                                          213800WGPHJ5MC5QLJ19

 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

      Identification code

                                                                   GB00BMH3KM70
 b)   Nature of the transaction                                    Share Purchase

 c)   Price(s) and volume(s)                                       Price(s)  Volume(s)

                                                            0.8p      7,031,250

 

 d)   Aggregated information

Price(s)  Volume(s)
      -  Aggregated volume                                         0.8p      7,031,250

      -  Price

 e)   Date of the transaction                                      3 September 2024

 f)   Place of the transaction                                     United Kingdom

 

 

d)

 

Aggregated information

 

-  Aggregated volume

 

-  Price

 

 

 

 Price(s)  Volume(s)
 0.8p      7,031,250

e)

 

Date of the transaction

 

3 September 2024

f)

 

Place of the transaction

 

United Kingdom

 

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