Metals One (MET1) has completed its £3.1 million equity fundraise, first announced at the end of January.
The money raised will go towards advancing the company’s portfolio of copper and nickel projects in Scandinavia.
Metals One also said it may use part of the money to diversify its asset base through opportunistic acquisitions that may include gold and defence minerals projects.
The company raised the money through an equity placing, retail offer and the issue of a convertible. Warrants at 2p were also issued. If exercised, the cash warrants would bring in up to £10 million in additional gross proceeds to the company.
"The transaction completed today has the potential to bring in up to £15 million in gross proceeds to secure high impact metals exploration opportunities, both within our existing projects and others we may look to acquire,” said Jonathan Owen, chief executive of Metals One.
“There are a lot of high-quality projects out there which lack the resources to advance them. With the benefit of this funding, Metals One will look to capitalise on this, applying smart exploration techniques to high-impact opportunities. The first wave of these is likely to be our drilling of high impact copper targets in Finland this year.”
View from Vox
It’s a transformative fundraising for Metals One, putting it on a secure footing as regards its existing portfolio, and setting the company up for potential deals. With the market capitalisation now up at over £9 million, according to London Stock Exchange data, it looks like the difficult times of 2024 are now well and truly in the past. Watch this space for further action.