Commodity specialist Fulcrum enters AIM market after £3m fundraiser
Fulcrum Metals has gained admission to the AIM market on the London Stock Exchange, following a successful £3m fundraiser.
Dealings in its shares will commence at 8am today under the ticker FMET, with a placing price of 17.5p per share, City PM can reveal.
The multi-commodity minerals exploration company now has an estimated market capitalisation of £8.7m.
The net proceeds of the placing will be used by Fulcrum to capitalise on its portfolio of base, precious and energy metals in Canada – a jurisdiction which is politically stable and rich in mineral resources – by advancing them through the value chain.
Chief executive Ryan Mee said: “The AIM listing marks a significant milestone for the company, and I would like to thank everyone involved in making this day a reality. Special thanks to our initial investors for their continued support and I would like to welcome our new investors, who recognised the potential in investing in a well-positioned exploration company like Fulcrum. It is going to be an exciting 2023.”
The company is being advised by Allenby Capital Limited, who are acting as nominated adviser, and Clear Capital Markets Limited its broker.
Fulcrum was incorporated in England and Wales on 10 October 2022 and is the holding company of a mineral exploration group.
On admission its project portfolio will consist of six gold and base metal projects in Ontario totalling 252km2, covering the Schreiber-Hemlo, Wawa, Winston Lake and Dayohessarah Greenstone Belts, and two uranium and gold projects in the Northern Athabasca Basin region of Saskatchewan totalling 136km2.
The projects are in the pre-discovery phase with land packages that have either historical samples or prospective geology and located nearby mineral rich deposits or producing mines.
The main focus of Fulcrum is to advance, develop, and scale the flagship Schreiber-Hemlo Project comprising the Big Bear and Jackfish Lake properties where the group has amassed a significant land position of circa 113km2.
The properties have 38 recorded mineral occurrences, including high grade gold in rock samples and shear zones that have potential for the discovery and development of an economic mineral deposit.
It also considers the uranium projects as an opportunity to capitalise on the increasing global recognition and investment towards nuclear energy as a way of decarbonising base load power.