Future Metals NL (ASX:FME, AIM:FME) has begun the process of conducting a share option placement by lodging a prospectus with ASIC, planning to offer 1 million shares, exercisable at a price of A$0.10 per ordinary share on or before June 11, 2024.
FME’s core focus is the wholly-owned Panton Platinum Group Metals Project in the eastern Kimberley region of Western Australia, which holds a mineral resource estimate of 984,000 ounces of platinum and just over 1 million ounces of palladium.
The options placement is invitation-only and no oversubscriptions will be accepted. The options are to be issued at a price of A$0.05 per option, available at a minimum of 3,500 options with any purchase thereafter in multiples of 100s.
According to Future, the purpose of the placement is not to raise funds, but to create an additional class of quoted securities and increase liquidity for the entire class of options – some of which remain in escrow.
In addition, the directors of the company believe an additional class of quoted securities will give Future Metals greater flexibility in raising funds in future.
Option placement details
This options placement will offer 1 million shares at a price of A$0.05, to be exercised on or before June 11, 2024, at a price of A$0.10.
The offer will close on June 10, 2022, with options to be issued by June 13, 2022, and achieve quotation on the ASX by June 15, 2022.
The share options are intended to be quoted exclusively on the ASX and will not be tradable, directly or indirectly, on AIM.