4 September 2024
Metals One
Plc
("Metals
One" or the "Company")
Stage 2 Completion of
Kingsrose's Earn-in to the Råna Ni-Cu-Co Project,
Norway
Receipt of
Equity
&
Issue of
Equity
Metals One (AIM: MET1), which is
advancing strategic minerals projects in Finland and Norway, is
pleased to announce that the Company's Råna (nickel, copper,
cobalt) Project partner and operator, Kingsrose Mining Limited
(ASX: KRM) ("Kingsrose"), has satisfied the conditions precedent to
the second stage of the Transaction Implementation Agreement
("TIA") between Metals One (via Scandinavian Resource Holdings Pty
Ltd ("SRH")), Kingsrose and Global Energy Metals Corporation (TSXV:
GEMC) regarding its staged earn-in to the Råna Project ("Second
Completion"). As a result, Kingsrose has to date earned a 51%
interest in the Råna Project by incurring A$3 million of
expenditure, and drilling at least 5,000 metres, on the project.
Metals One's Råna Project ownership now stands at 39%, with the
balance being held by Global Energy Metals Corporation.
Kingsrose has also successfully
completed its recent drilling programme at the Råna Project. A
total of 706 metres was drilled over three drill holes. Drill core
samples have been dispatched to the analysis laboratory and will be
announced by Kingsrose and the Company in due course.
Kingsrose has also announced its
intention to proceed to earn the third milestone interest, which
equates to a 65% interest in the Råna Project, by incurring a
further A$4 million of expenditure on the Råna Project.
The terms of the TIA are covered in
Metals One's admission document published on 31 July 2023
("Admission Document"), which is available to view here:
https://metals-one.com/investors/#company-documents
Receipt of Equity
In accordance with the TIA,
Kingsrose has issued Metals One (via SRH) with 1,000,000 fully paid
ordinary shares in Kingsrose as part consideration for the earn in.
Kingsrose's share price at close of trading on 3 September 2024 was
A$0.035.
Issue of Equity
Pursuant to the TIA and the
achievement of Second Completion, and as set out in the Admission
Document, the Company will issue 31,250,000 ordinary shares of
£0.001 each ("Ordinary Shares") in the Company at a price of
0.8p per share (being the 30 day volume weighted average price of
the Company's Ordinary Shares immediately preceding the Second
Completion date) to the SRH Vendors (as defined in the Admission
Document) (the "Stage 1 Deferred Consideration Shares"). The
Ordinary Shares will be subject to 12-month lock-in
agreements.
The SRH Vendors include
Chincherinchee Nominees Pty Ltd (ACN 609 039 367) as bare trustee
for Azalea Family Holdings Pty Ltd as trustee for the Britt and
Winton Willesee Family Trust ("Winton Willesee") which will be
issued with 7,031,250 Ordinary Shares and result in Winton
Willesee, a non-executive director of the Company, holding a
related party shareholding of 21,531,250 Ordinary Shares
representing 5.96% of the Company's enlarged issued share
capital.
Application will be made to the
London Stock Exchange for admission of the Stage 1 Deferred
Consideration Shares, which will be issued fully paid and rank pari
passu in all respects with the Company's existing Ordinary Shares,
to trading on AIM ("Admission"). It is expected that Admission will
become effective and dealings in the Stage 1 Deferred Consideration
Shares will commence at 8.00 a.m. on or around 10 September
2024.
Following Admission, the total
number of Ordinary Shares in the capital of the Company in issue
will be 361,467,500 with voting rights. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company's share capital pursuant
to (i) the Company's Articles, (ii) the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules and/or (iii)
the AIM Rules for Companies issued by the London Stock Exchange plc
as amended from time to time.
Jonathan Owen, Chief Executive Officer of Metals One,
commented:
"We're delighted that Kingsrose has achieved its Second
Completion milestone - a strong endorsement of its commitment to
the project. Kingsrose's continued investment has ensured drill
work has been able to occur on schedule and we look forward to
analysing the results of the recent core drilling programme which
will help inform next steps for the project."
Enquiries:
|
Metals One Plc
Jonathan Owen, Chief Executive
Officer
|
via Vigo Consulting
+44 (0)20 7390 0234
|
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Beaumont Cornish Limited (Nominated Adviser)
James Biddle / Roland
Cornish
www.beaumontcornish.com
|
+44 (0)20 7628 3396
|
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|
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SI
Capital Limited (Joint Broker)
Nick Emerson
|
+44 (0)14 8341 3500
|
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Capital Plus Partners Limited
(Joint
Broker)
Keith Swann
https://www.capplus.co.uk/
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+44 (0)20 3821 6169
|
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Vigo Consulting (Investor Relations)
Ben Simons / Kendall Hill
metalsone@vigoconsulting.com
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+44 (0)20 7390 0234
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About Metals One
Metals One is developing strategic
metals projects in Finland (Black Schist Project) and Norway (Råna
Project), with approximately £9 million of exploration carry
exposure through a farm-in agreement. Metals One is aiming to help
meet the significant demand for strategic minerals by defining
resources on the doorstep of Europe's major electric vehicle OEMs
and battery manufacturers. Metals One's Black Schist Project in
Finland, totalling 706 km2 across three licence areas,
has a total Inferred Resource of 57.1 Mt nickel-copper-cobalt-zinc
and is located adjacent to one of Europe's largest strategic
minerals producers, Terrafame. Metals One's fully carried Råna
Project in Norway covers 18.14 km² across three contiguous
exploration licences, with significant opportunity for exploration
of the Råna intrusion, and proven potential for massive sulphide
nickel-cobalt-copper mineralisation.
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our website at: https://metals-one.com
Market Abuse Regulation (MAR) Disclosure
The information set out below is
provided in accordance with the requirements of Article 19(3) of
the Market Abuse Regulations (EU) No. 596/2014 which forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018 ('MAR').
Nominated Adviser
Beaumont Cornish Limited ("Beaumont
Cornish") is the Company's Nominated Adviser and is authorised and
regulated by the FCA. Beaumont Cornish's responsibilities as the
Company's Nominated Adviser, including a responsibility to advise
and guide the Company on its responsibilities under the AIM Rules
for Companies and AIM Rules for Nominated Advisers, are owed solely
to the London Stock Exchange. Beaumont Cornish is not acting for
and will not be responsible to any other persons for providing
protections afforded to customers of Beaumont Cornish nor for
advising them in relation to the proposed arrangements described in
this announcement or any matter referred to in it.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
|
1
|
Details of the person discharging managerial
responsibilities
|
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a)
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Name
|
Winton Willesee
|
|
2
|
Reason for the notification
|
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a)
|
Position/status
|
Non-Executive Director
|
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b)
|
Initial notification
/Amendment
|
Initial notification
|
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3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Metals One Plc
|
|
b)
|
LEI
|
213800WGPHJ5MC5QLJ19
|
|
4
|
Details of the transaction(s): section to be repeated for (i)
each type of instrument; (ii) each type of transaction; (iii) each
date; and (iv) each place where transactions have been
conducted
|
|
a)
|
Description of the financial
instrument, type of instrument
Identification code
|
Ordinary Shares
GB00BMH3KM70
|
|
b)
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Nature of the transaction
|
Share Purchase
|
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c)
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Price(s) and volume(s)
|
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Price(s)
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Volume(s)
|
|
0.8p
|
7,031,250
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
|
Price(s)
|
Volume(s)
|
|
0.8p
|
7,031,250
|
|
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e)
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Date of the transaction
|
3 September 2024
|
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f)
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Place of the transaction
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United Kingdom
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