First Class Metals –Additional Non-Dilutive Funding
First Class Metals PLC (LSE: FCM) secured more non-dilutive funding with an increased non-convertible loan from the Seventy Ninth Group (79th Group).
The 79th Group has increased its loan to First Class Metals from ￡230,000 to ￡500,000, demonstrating First Class Metals’ continuing ability to secure non-dilutive financing in difficult market conditions.
Recently, First Class Metals secured a grant from the Ontario Junior Exploration Program for up to C$200,000 for work completed on the Dead Otter Trend, at the North Hemlo Project. This is the third time the company has secured such a grant.
First Class Metals cryptically pointed out in the announcement that funding is part of an agreement for First Class Metals to deepen its relationship with the 79th Group. The 79th Group acquired the McKellar & Enable properties from First Class Metals for ￡270,000 in June, bringing in additional non-dilutive funding.
First Class Metals has previously stated that the 79th Group is continuing due diligence on other projects within its portfolio, so there is the potential that there could be additional sales or joint ventures in the future.
In addition to the loan funding, 423,570 shares are being issued as part of the Kerrs Gold option. Following the issue First Class Metals will have 98,076,990 shares in issue.
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