First Class Metals revises £650,000 loan note terms for Sunbeam exploration

First Class Metals PLC (FCM) announced revised terms to its Convertible Loan Note (CLN) facility.

• The revised CLN terms provide £650,000 of funding, which the company says is secured and fully drawn.
• £250,000 was immediately converted into equity at 1.52 pence per share.
• The £400,000 balance is subject to a 45-day prohibition on conversion, with a possibility of a further 45-day extension.
• Existing investors are offered participation through a Winterflood WRAP offer at 1.52 pence per share, targeting up to £250,000.
• The company says the funding will accelerate follow-on exploration at the Sunbeam Property after visible gold was observed in drill core.
• Application will be made for 16,447,368 new Ordinary shares, with Admission expected at 8.00 a.m. on or around March 27, 2026.

The company confirms that, following the issue, its issued ordinary share capital and total voting rights will each comprise 341,633,683 Ordinary Shares. The stated use of proceeds also includes focus at Pettigrew using structural controls established at Roy, follow-up of Very Low Frequency anomalies at North Hemlo, initial prospecting on new Rare Earth Elements properties, and general working capital.