11th Apr 2025 14:30
(Alliance News) - Metals One PLC reported on Friday that it has completed its equity fundraise, delivering net proceeds of GBP3.1 million.
The London-based company which develops metals projects in Finland and Norway said the fundraise has put it in a "strong financial position" to advance its copper and nickel projects, having "the potential to bring in up to GBP15 million in gross proceeds."
Metals shares rose 17% to 25.65 pence in London on Friday morning.
The company will be issuing prepaid warrants and cash warrants to investors at a fixed price of 2.00 pence per warrant, adding that the cash warrants are exercisable for a six-month period from the date of the grant. This is in return for investors paying GBP4.4 million upfront.
In addition to the GBP4.4 million, the retail offer raised gross proceeds of GBP100,000. The company added that it will be issuing a total of 5 million new ordinary shares at the issue price pursuant to the retail price.
In January, the firm noted that upon exercising each warrant each subscriber is entitled to a fully paid share in the company's capital.
According to Metals One, the cash warrants would bring in up to GBP10 million for the company if exercised alongside gross proceeds.
Chief Executive Officer Jonathan Owen said: "With the benefit of this funding, Metals One will look to capitalise on this, applying smart exploration techniques to high-impact opportunities. The first wave of these is likely to be our drilling of high impact copper targets in Finland this year."
By Olivia Mason-Myhill, Alliance News reporter
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