TIDMCMET
RNS Number : 7635D
Capital Metals PLC
23 June 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
23 June 2023
Capital Metals plc
("Capital Metals" or the "Company")
Notice of General Meeting ,
Directorate Change
&
Change of Registered Office
Capital Metals (AIM: CMET), a mineral sands company approaching
mine development stage at the high-grade Eastern Minerals Project
in Sri Lanka (the "Project"), announces that it has today published
a circular containing a notice of General Meeting of the Company
(the "Notice"). The General Meeting is to be held at 10.00 a.m. on
12 July 2023 at 6 Heddon Street, London, W1B 4BT. The Notice will
be posted to all registered shareholders shortly and will shortly
be available on the Company's website at www.capitalmetals.com
.
The General Meeting is being held for the purpose of considering
and, if thought fit, passing resolutions to authorise the directors
to allot and issue additional ordinary shares ("Shares") and grant
rights to subscribe for additional Shares as set out in the Notice.
The authority will expire at the commencement of the next Annual
General Meeting following this General Meeting or 30 September
2023, whichever is the earlier to occur.
Pursuant to the authorities being sought at the General Meeting,
and following the placing to raise GBP500,000 announced on 20 June
2023 (the "June Placing"), it is the intention of the directors to
undertake a limited further fundraising of approximately GBP250,000
(subject to directors' discretion to increase in the event of
oversubscription) at the same price as the June Placing (the
"Fundraising"). This is expected to comprise a subscription (the
"Subscription") predominantly by non-United Kingdom investors who
were unable to participate in the June Placing. For the avoidance
of doubt the Fundraising shall not exceed GBP500,000.
If undertaken, the net proceeds of the Fundraising will be
applied to general working capital and the Company's actions to
secure the lifting of the suspension of its Industrial Mining
Licences ("IMLs") (announced on 12 December 2022) so that Project
development can resume.
Additionally, subject to the passing of the resolutions at the
General Meeting and once the requirements of Rule 13 (Related Party
Transactions) of the AIM Rules for Companies have been met, certain
directors intend to support the Fundraising and subscribe for
Shares with the payment of subscription monies satisfied following
the payment of directors' salaries and fees which certain directors
have accrued to 30 June 2023. These Shares will be issued on the
basis of 1 new Share for each 1 penny of fees owed (the "Directors'
Subscription"). The aggregate amount of Directors' Subscription
shall not exceed GBP50,000.
The full resolutions together with voting instructions are set
out in the Notice. The Board considers that the resolutions are in
the best interests of the Company and its shareholders, and it
unanimously recommends to shareholders that they should vote in
favour of them, as they intend to do in relation to their own
shareholdings in the Company.
Further details concerning the proposed Fundraising and the
Directors' Subscription will be announced in due course.
Directorate Change
Capital Metals also announces that Michael Frayne will step down
as Chief Executive Officer and as a director of the Company and
Greg Martyr, currently Non-Executive Chairman, will take over the
executive management of the Company as Executive Chairman, with
effect from 1 July 2023. The change reflects the focus of the
Company having shifted to the actions to secure the lifting of the
suspension of its IMLs and thereafter, subject to the reinstatement
of the IMLs, to mine construction and operation. A new Chief
Executive Officer with applicable experience will be recruited in
due course. The Board thanks Michael for his contributions towards
the development of the Project.
Change of Registered Office
Capital Metals also announces that its registered office,
previously situated at Suite 1, 15 Ingestre Place, London,
W1F 0DU, has relocated with immediate effect to 6 Heddon Street,
London, W1B 4BT.
Greg Martyr, Chairman of Capital Metals, commented:
"Earlier this week, the Company moved swiftly to shore up its
finances utilising existing authorities to issue Shares. Having
achieved this, it was important to the Board to further secure the
working capital position such that the Company can pursue the
reinstatement of the IMLs through its lobbying and legal strategies
from a position of financial strength with a limited additional
Fundraising."
For further information, please visit www.capitalmetals.com or
contact:
Capital Metals plc Via Vigo Consulting
Greg Martyr (Chairman)
Vigo Consulting (Investor Relations) +44 (0)20 7390 0234
Ben Simons / Peter Jacob capitalmetals@vigoconsulting.com
SPARK Advisory Partners (Nominated
Adviser)
Neil Baldwin / James Keeshan +44 (0)20 3368 3554
Tavira Financial
Jonathan Evans / Oliver Stansfield +44 (0)20 7100 5100
About Capital Metals
Capital Metals plc is a British company listed on the London
Stock Exchange and one of only a few foreign investors in Sri
Lanka's mining industry. After investing US$11 million in
exploration and development activities including detailed
environmental assessments between 2017 and 2022, the Company's Sri
Lankan subsidiary, Damsila Exports (Pvt) Limited, was issued an
initial two licences in August 2022 to mine heavy mineral sands in
the Eastern Province, containing industrial minerals including
ilmenite, rutile, zircon, and garnet.
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