REG - Switch Metals PLC - Extension of Warrant Term and Issue of Equity

Switch MetalsAnnouncement

01/05/2026 07:01

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RNS Number : 6869C  Switch Metals PLC  01 May 2026

1 May 2026

 

Switch Metals plc

("Switch Metals" or the "Company")

 

Extension of Warrant Term and Issue of Equity

 

Switch Metals (AIM: SWT), the critical metals company focused on tantalum and
lithium in the Côte d'Ivoire, announces the variation to the exercise period
for director warrants and the issue of new ordinary shares of 0.85p each
("Ordinary Shares") to consultants of the Company in satisfaction of fees.

 

Extension to warrant exercise period

 

The Company has today extended the term of 480,000 warrants granted to John
Treacy (a Non-Executive Director of Switch Metals) to 3 April 2028 (the
"Warrants").  The Warrants were originally granted to Mr Treacy on 25 May
2023 ahead of the Company's IPO (then named Oneiro Energy plc) on the London
Stock Exchange, with a term of three years from the admission date.

 

The Board has concluded that the term of the Warrants should be aligned with
those of his fellow director, Andy Yeo, and will now thus expire on 3 April
2028, three years from the Company's admission to trading on AIM.  The
exercise price of the warrants remains unchanged at 5 pence. All other terms
of the Warrants remain unchanged and there are no other unsatisfied vesting
criteria.

 

Issue of shares to consultants

 

The Company has today issued and allotted a total of 632,460 new Ordinary
Shares (the "Fee Shares") to consultants to the Company in settlement of fees
due for services provided. Of these, 110,000 new Ordinary Shares have been
issued at 7.5p per share in respect of fees disclosed in the Company's
admission document dated 3 April 2025, with the remaining 522,460 new Ordinary
Shares issued at 10p per share in respect of other consultancy fees.

 

Admission and Total Voting Rights

 

Application will be made to the London Stock Exchange for the Fee Shares to be
admitted to trading on AIM ("Admission"). It is expected that, Admission will
occur, and dealings will commence in the Fee Shares at 8.00 a.m. on or around
7 May 2026.

 

Following Admission and assuming that all new ordinary shares are subscribed
for pursuant to the WRAP retail offer announced on 30 April 2026, the total
number of Ordinary Shares with voting rights in the Company will be
130,241,247. The Company does not hold any shares in treasury and all of the
Ordinary Shares have equal voting rights. This figure may therefore 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 FCA's Disclosure Guidance and Transparency
Rules.

 

For further information, please contact:

 

 Switch Metals plc                                                                                                                 Via IFC Advisory

 Karl Akueson, CEO

 Andy Yeo, CFO

 Allenby Capital Limited (Nominated Adviser & Joint Broker)                                                                        +44 (0) 203 328 5656

 Corporate Finance: James Reeve / Nick Harriss

 Sales: Kelly Gardiner / Lauren Wright/ Matt Butlin

 OAK Securities (Lead Broker)                                                                                                      +44 (0) 203 973 3678

 Jerry Keen, Head of Corporate Broking

 jerry.keen@oak-securities.com (mailto:jerry.keen@oak-securities.com)

 Henry Clarke, Head of Sales

 henry.clarke@oak-securities.com (mailto:henry.clarke@oak-securities.com)

 IFC Advisory Limited (Financial PR and IR)                                                                                        +44 (0) 203 934 6632

 Tim Metcalfe / Florence Staton

 switchmetals@investor-focus.co.uk (mailto:switchmetals@investor-focus.co.uk)

 1                           Details of the person discharging managerial responsibilities / person closely

                           associated

 a)                          Name                                                         John Treacy

 2                           Reason for the notification

 a)                          Position/status                                               PDMR (NED)

 b)                          Initial notification /Amendment                              Initial notification

 3                           Details of the issuer, emission allowance market participant, auction

                           platform, auctioneer or auction monitor

 a)                          Name                                                         Switch Metals PLC

 b)                          LEI                                                          984500640D645EE3EC94

 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 0.85p

                             Identification code

                                                                                          GB00BNRR5980
 b)                          Nature of the transaction                                    Extension of term of warrants to purchase of ordinary shares at 5p per share

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

                                                                                          N/A       480,000

 d)                          Aggregated information

                             - Aggregated volume

                             - Price                                                      N/A

 e)                          Date of the transaction                                      30/04/2026

 f)                          Place of the transaction                                     Off-Market

d)

 

Aggregated information

- Aggregated volume

- Price

 

 

 

N/A

e)

 

Date of the transaction

 

30/04/2026

f)

 

Place of the transaction

 

Off-Market

 

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