Metals One PLC (AIM:MET1) has raised a gross £895,000 through a placing and subscription at 1p per share to support the development of the Finland - Black Schist project in Norway.
Proceeds from the placing will allow for the termination of the farm-in agreement with Gunsynd and provide Metals One with the option to regain 100% ownership of its cornerstone Black Schist Project.
Alongside today's placing, the company has taken out a three-year option to re-acquire the 6.25% of Metals One Finland currently held by Gunsynd for an aggregate consideration of £250,000.
As part of the farm-in, Gunsynd was also granted warrants to subscribe for 1,500,000 ordinary shares, which have been cancelled.
Metal One directors have subscribed for nine million placing shares.