Future Metals Raises AU$ 3.3 million for Project Advancements

Future Metals NL (ASX: FME) announces the successful closure of its non-renounceable entitlement issue, raising AU$3.3 million. The funds will fuel exploration at the Eileen Bore Cu-Ni-PGM Project and enhance value at the Panton Project, following a recent scoping study. Eligible shareholders were offered one fully paid ordinary share for every four held, priced at AU$0.03 per share, along with free-attaching options.

CPS Capital Group Pty Ltd underwrote the offer and will acquire 94,903,361 new shares and 47,451,680 new options. Future Metals' Executive Chair, Patrick Walta, entered a sub-underwriting agreement with CPS, taking up 1,666,666 new shares and 833,333 listed options. The company plans to rely on ASX Listing Rule 10.12 Exception 2 for sub-underwriting. Allotted shares and options will begin trading on February 12 and February 26, 2024, respectively.

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