Future Metals NL announced placement and share purchase plan

Future Metals NL (ASX: FME) announced that it had received firm commitments from existing and new Australian and international institutional and sophisticated investors to raise AU$5.0 million via a placement. The placement comprised the issue of approx. 40.0 million fully paid ordinary shares at an issue price of AU$0.125 per new share, and the issue price represents a 7.4% discount to the company’s last traded price on 12 August 2022 and a 5.9% discount to the 5-day VWAP. The placement comprised the issue of one free listed attaching option for every three Placement Shares issued at a price of AU$0.10 per share and expiry date of 11 June 2024.

In addition to the placement, the company also announced a share purchase plan, in which Eligible Shareholders will be offered the opportunity to participate in an SPP on the same terms as the placement to raise up to an additional AU$0.5 million. The fund raised from the placement and SPP will be used to support the exploration activities to test Panton’s substantial Ni-Cu-PGE sulphide potential and progress a scoping study based on the previous PGM resource, as well as continued metallurgical test work and for the general working capital requirement.

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