Metals One PLC (LSE:MET1) has secured £4 million in gross funding from YA II PN, a fund managed by Yorkville Advisors Global, through a senior promissory note to support its minerals investment programmes and working capital requirements.
The funding is structured as non-convertible debt and does not provide for automatic conversion into equity. Metals One will also issue warrants with an aggregate value equivalent to the note, exercisable for three years at 130% of the company’s closing share price immediately before the transaction.
After fees and a 5% original issue discount, Metals One expects to receive net proceeds of £3.74 million.
Repayment will take place through monthly instalments beginning 60 days after closing. The company said that, including the new facility, it has more than £11 million in cash and liquid investments.
Metals One intends to fund repayments partly through the disposal of listed investments that it classifies as non-core and values at approximately £6 million.
The company said the financing will provide bridging capital for operational activities across its gold-focused project portfolio in Africa and the Americas, including acquisition, exploration and development activities.
Metals One Appoints New AIM Adviser
Separately, Metals One has appointed Spark Advisory Partners Limited as its new AIM Nominated Adviser, replacing Beaumont Cornish.
More about Metals One PLC
Metals One PLC is a critical and precious metals project developer and investor focused on gold and uranium assets.
Its portfolio includes a South African gold and energy platform, brownfield gold and copper exploration in Peru, uranium and tailings projects, a U.S. gold exploration project and graphite and copper exploration interests in Tanzania.
The company’s shares trade on AIM under the ticker MET1 and on the U.S. OTCQB Venture Market as MTOPF.
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