Metals One PLC (AIM:MET1, FRA:HT7, OTCQB:MTOPF) told investors that its 35%-owned NovaCore Uranium Inc is undertaking a pre-IPO financing, of at least US$1.25 million, with funds earmarked for its Red Basin Ane Uranium Project in New Mexico.
The financing is being priced at US$1.00 per NovaCore share, valuing the private US uranium company at US$6.7 million before new money. Metals One said this marks an uplift on its own entry price, having first invested at US$0.587 per share and built its position at a weighted average price of US$0.623 per share.
Funds from the round are earmarked for pre-drilling work across 2026, including drill permitting, field mapping, rock chip assaying and close-grid radiometric mapping. The financing is expected to close by the end of May and is intended as a precursor to a NovaCore IPO targeted for the third quarter of 2026, with maiden drilling to begin shortly afterwards.
Following the financing, Metals One expects to retain around 2.335 million NovaCore shares, representing around 29.5% of the company.