Metals One PLC on Monday said it successfully commenced trading in London, prompting congratulations from stakeholder Bluejay Mining PLC, and gave updates for its various projects.
The London-based mining company, which is focused on battery metals projects in Finland and Norway, said its entire issued share capital was admitted to AIM on Monday.
The shares were untraded at 4.86 pence later that morning.
Metals One said it raised £2.2 million in its initial public offering, through a placing and subscription of 44.0 million shares at 5p each. It will use the funds to support the initial exploration and development of its Black Schist project in eastern Finland, including diamond drilling and geochemical surveys.
On Thursday, investment company Gunsynd PLC said it agreed to provide £1 million to fund Black Schist’s development through a farm-in for up to 25% FinnAust Mining Oy, Metals One’s subsidiary and project holder. It will receive 1.5 million warrants to subscribe for shares in Metals One worth £75,000 at the placing price, and provide the funding, over an 18-month period.
Shares in Gunsynd were untraded at 0.39p on Monday.
At the Brownfield Rana project in Norway, geophysical surveys are in progress to potentially identify significant sulphide mineralisation, as are studies to identify prospective intrusive units.
Project holder and Metals One subsidiary Scandinavian Resource Holdings also has a farm-in agreement with Kingsrose Mining Ltd, which will issue 4.5 million shares to SRH and pay A$1 million cash as well as expenditure commitments. If Kingsrose - which holds 10% of Rana - completes the full farm-in, Metals One will hold 15%.
Meanwhile Bluejay, a London-based exploration and development company focused on Greenland and Finland, congratulated Metals One on its ‘successful commencement of trading’.
Bluejay is set to receive £4 million in cash and Metals One shares having divested Black Schist to the company this month, and holds a 29% stake.
Consideration for the divestment includes 62.5 million shares to be issued to Bluejay upon Metals One’s admission to AIM, and £150,000 cash to be paid within the next 18 months.
Bluejay’s shares were up 1.9% at 1.40p.
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