First Class Metals Raises £0.6m to drill Zigzag Lithium Project
First Class Metals PLC has raised £603,000 (gross) at a price of 6 pence per share, through the issue of 10 million shares and satisfied $48,000 in fees through the issue of an additional 1,940,665 shares.
Due to restricted head room, First Class Metals Directors, James Knowles and Ayub Bodi, have agreed to loan a number of shares amounting, in aggregate, to the Placing Shares, to the Company by means of a share loan agreement. James Knowles and Ayub Bodi, will receive a fee, equal to 8.25% per annum of the values of the Placing Shares on the day of Placing for the period of the loan.
First Class Metals plans to use the funds to commence a drill programme at the Zigzag Lithium Project, located in Ontario and repay an existing £500,000 convertible loan note.
The Zigzag Project, is located in the Seymour-Crescent-Falcon Lithium Belt of Ontario, a district containing numerous pegmatite-hosted lithium deposits, including:
First Class Metals has already defined numerous lithium-bearing pegmatite outcrops over a strike length of 700 meters, at the Zigzag Project. Initial grab samples returned assay results greater than 1% Li2O over 400 meters (Figure 1) and the target remains open along strike and at depth.
Source: First Class Metals PLC
Several shallow historic drill holes at the Project returned significant lithium and tantalum mineralisation, including:
????????????? 1.08% Li2O over 6.1 meters from a depth of 12.45 meters
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????????????? 399.82 ppm Ta2O5 over 2.92 meters from a depth of 15.50 meters
Assay results from a channel sampling programme are pending and expected to be announced shortly. Once announced, First Class Metals plans to provide a more detailed update on its drill plans for the Zigzag Project.
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