First Class Metals PLC the Canada focused precious and base metal explorer, with extensive land holdings in northern Ontario, announces that it has entered into a conditional subscription agreement with The 79th GRP Limited regarding a proposed investment .
- Strategic Deal: The two-phase investment gives 79th Group a 51.2% stake in FCM, ensuring funding through 2025 for exploration projects.
- Mutual Synergy: 79th Group brings financial expertise, while FCM focuses on exploration, aiming for long-term growth despite shareholder dilution.
- Future Plans: News flow and active groundwork are prioritized for Q1 2024 to maximize the investment’s impact.
Highlights:
· Proposed Investment in two stages by Seventy Ninth Group of approximately £2.18 million subject, inter alia, to FCM shareholder approval
· On completion of both stages of the Subscription Agreement, Seventy Ninth Group will own approximately 51.2% of the enlarged share capital of FCM
· Strategic investment to accelerate the development of project portfolio
· Potential for business synergies to create new project acquisition opportunities
· …