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On 02 November 2023, Metals One Plc announced that Gunsynd Plc confirmed its commitment to making the first payment of £250,000 to FinnAust Mining Northern OY, a wholly owned subsidiary of Metals One, shortly. This commitment is part of an agreement for Gunsynd to subscribe for shares in FinnAust equal to 25% of its voting rights, at an aggregate subscription price of £1,000,000.
| Date | 2 Nov 2023 |
| Time | 07:00:10 |
| Category | Corporate updates |
| ID | 1168S |
2 November 2023
Metals One Plc
("Metals One" or the "Company")
Update re Gunsynd Farm-In to Finland - Black Schist Project
Metals One (AIM: MET1), which is advancing battery metal projects at brownfield sites in Finland and Norway, announces that Gunsynd Plc ("Gunsynd") has confirmed its commitment to making the first payment of £250,000 to FinnAust Mining Northern OY ("FinnAust"), a wholly owned subsidiary of Metals One, pursuant to the subscription and shareholders agreement (the "Agreement") between Metals One, FinnAust and Gunsynd, shortly.
The Agreement covers Gunsynd's commitment to subscribe for such number of shares in FinnAust as is equal to 25% of the voting rights of FinnAust, at an aggregate subscription price of £1,000,000.
FinnAust holds Metals One's Finland - Black Schist Project, with an Inferred Mineral Resource of 28.1 Mt of Talvivaara-type mineralised material at a grade of 0.19% nickel (53,800t), 0.10% copper (27,900t), 0.01% cobalt (3,400t) and 0.38% zinc (180,000t) at the Rautavaara licence.
A further announcement will be made upon receipt of funds.
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Enquiries: |
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Metals One Plc |
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Jonathan Owen, Chief Executive Officer |
via Vigo Consulting +44 (0)20 7390 0234 |
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Beaumont Cornish Limited (Nominated Adviser) James Biddle / Roland Cornish
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+44 (0)20 7628 3396 |
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Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar |
+44 (0)20 7186 9952
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SI Capital Limited (Joint Broker) |
+44 (0)14 83413 500 |
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Nick Emerson
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Vigo Consulting (Investor Relations) Ben Simons / Kendall Hill
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+44 (0)20 7390 0234
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About Metals One
Metals One is developing brownfield battery metals projects in Finland (Black Schist Project) and Norway (SRH Råna Project), with approximately £9 million of exploration carry exposure through farm-in agreements. Metals One is aiming to help meet the significant demand for battery metals by defining resources on the doorstep of Europe's major electric vehicle OEMs and battery manufacturers. Metals One's Black Schist Project in Finland, totalling 706 km2 across three licence areas, has an Inferred Resource of 28.1 Mt nickel-zinc-cobalt-copper and is located adjacent to Talvivaara, Europe's largest operating nickel mine. Metals One's fully carried SRH Råna Project in Norway covers 18.14 km² across three contiguous exploration licences, with significant opportunity for brownfield exploration of the Råna intrusion, and proven potential for massive sulphide nickel-cobalt-copper mineralisation.
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