Fulcrum
Metals plc / EPIC: FMET / Market: AIM / Sector: Mining
12 March
2024
Fulcrum Metals
plc
("Fulcrum" or the "Company" or the "Group")
Holding(s) in Company
and
Extension of Substantial
Shareholder Lock-in Agreement
Fulcrum Metals plc (LON: FMET), a
company focused on mineral exploration and development in Canada,
announces that Panther Metals plc ("Panther") has sold a total of 2,346,717
ordinary shares of 1 p each in the Company (the "Ordinary Shares") on 11 March 2024 at
an average price of 15.2 pence per Ordinary Share (the
"Transaction").
Following the Transaction, Panther
will continue to hold 7,625,122 Ordinary Shares (the "Panther Shares"), representing 15.26%
of the Company issued share capital.
Lock-in Agreement
As set out in the Company's
Admission Document dated 8 February 2023 (the "Admission Document"),
Panther entered into a lock-in agreement (the
"Agreement") with the
Company, Allenby Capital Limited ("Allenby Capital") and Clear Capital
Markets Limited ("Clear
Capital"). In accordance with Rule 7 of the AIM Rules for
Companies, the Agreement imposed a 12 month hard lock-in and a 12
month orderly market provision on Panther's shareholding in the
Company, with effect from admission of the Company Ordinary Shares
to trading on the AIM market of the London Stock Exchange on 14
February 2023 ("Admission").
Pursuant to the Transaction,
Panther has on 11 March 2024 entered into a new
lock-in agreement (the "New
Agreement"), with the Company, Allenby Capital and Clear
Capital, thereby imposing a hard lock-in period on the Panther
Shares to 15 May 2025 and the orderly market provision on the
Panther Shares for a year thereafter through to 15 May
2026.
The provisions of the New Agreement
shall apply to the Panther Shares and any
Ordinary Shares allotted and issued to or subsequently acquired by
Panther during the locked-in period described in the New
Agreement.
Related party transaction
The New Agreement with Panther is
deemed to be a transaction with a related party pursuant to rule 13
of the AIM Rules for Companies (the "AIM Rules") by virtue of Panther being
a substantial shareholder of the Company (within the meaning of the AIM Rules). The directors of the
Company (who, with the exception for Mitchell Smith, are all
independent for the purposes of the transaction) consider, having
consulted with the Company's nominated adviser, Allenby Capital
Limited, that the terms of the New Agreement with Panther are fair
and reasonable insofar as the Company's shareholders are concerned.
In view of the fact that Mitchell Smith was a director of Panther
until October 2023 the board have decided to not treat Mitchell
Smith as an independent director for the purposes of this
transaction.
Ryan Mee, Chief Executive Office of Fulcrum,
commented:
"I
am very pleased to be able to announce that Panther has entered
into this new lock-in and orderly market agreement going out to May
2026. This demonstrates Panther's support for how Fulcrum has
positioned itself since listing as well as its confidence in the
opportunity before us. We welcome the ongoing commitment of Panther
as a substantial shareholder in Fulcrum.
"Agreeing this new lock in has been an example of how
businesses can, and should, work together to maintain positive and
progressive business relationships for the good of all
stakeholders. I would like to thank the Panther Board and Fulcrum's
new and existing shareholders who have made this
possible.
"I
look forward to providing further updates to the market as we seek
to deliver value for all Fulcrum shareholders from both our project
portfolio initiatives and further business
opportunities."
For further information please
visit https://fulcrummetals.com/
or contact:
Fulcrum Metals PLC
|
|
Ryan Mee (Chief Executive
Officer)
|
Via St Brides Partners
Limited
|
|
|
Allenby Capital Limited (Nominated adviser)
|
|
Nick Athanas / George
Payne
|
Tel: +44 (0) 203 328 5656
|
|
|
Clear Capital Markets Limited (Broker)
|
|
Bob Roberts
|
Tel: +44 (0) 203 869 6081
|
|
|
St
Brides Partners Ltd (Financial PR)
|
|
Ana Ribeiro / Paul Dulieu
|
Tel: +44 (0) 20 7236 1177
|
Notes to Editors
FULCRUM METALS - BACKGROUND
Fulcrum Metals PLC (LON: FMET) is an
AIM quoted exploration company which finances and manages
exploration projects focused on Canada, widely recognised as a top
mining jurisdiction.
Fulcrum currently holds a beneficial
100% interest in highly prospective gold and base metals projects
in Ontario and uranium projects in Saskatchewan.
Fulcrum's strategy is to focus on
discovery and commercialisation of its Projects through targeted
exploration programmes. The primary focus is to make an economic
discovery on the flagship Schreiber-Hemlo Properties and to
establish the prospectivity of its wider Ontario and Saskatchewan
portfolio with a view to securing potential joint venture and/or
acquisition interest.
The Schreiber - Hemlo properties
have a history of prospecting and localised extraction since the
late 19th century. However, coherent property-level exploration
programmes have been limited or absent, particularly in recent
times. Fulcrum has an opportunity to carry out such a programme and
this approach provides the best opportunity to fully explore the
significant prospectivity of the properties. A recent structural
study identified 42 priority exploration targets, of which 24
targets within the Big Bear property and 18 in the Jackfish
property, with 14 in total (9 on Big Bear and 5 on Jackfish) being
ranked as high priority for follow-up. The
properties have the potential to host a large, structurally
controlled, stratabound-style banded iron formation (BIF) gold
prospect similar to the Musselwhite deposit (McNicoll et al.,
2016), in addition to an Archean greenstone, orogenic-style lode
gold prospect, extending past the bounds of known historical
mineral occurrences.
The Tully property, 458 hectares in
area, is located 30 kilometres northeast of Timmins, Ontario and
includes the Tully (Timmins North) deposit, which has been the
focus of several drilling campaigns since its discovery in 1969.
The Tully deposit is located 2 kilometres southwest of the Bradshaw
Gold Project of Gowest Gold Ltd., currently in development. The
property is accessed by an all-weather gravel road that extends 15
kilometres to the east off of highway 655.
While highly prospective, Fulcrum's
mining assets are in the exploration phase, so Fulcrum stands to be
able to add significantly to the inherent value through exploration
success. Fulcrum will continually review opportunities with
potential and with a view to increasing shareholder value. It is
the Board's intention to deliver medium and long-term growth and to
establish the Group as a significant exploration
company.