FULCRUM UTILITY SERV

Fulcrum Metals’ subsidiary Fulcrum EnviroTech signed a contract with Test Design Implement Solutions LLC to build and operate a pilot plant in Ontario that will use a cyanide-free leaching technology from Extrakt Process Solutions. The plant has a processing capacity of 2.4 tonnes per day; TDI will supply, install and operate the equipment but will remain its owner. Extrakt, supported by Bechtel Energy Technologies & Solutions, is providing a non-commercial licence, and Fulcrum holds exclusive rights to use the technology on historical tailings in the Timmins and Kirkland Lake regions. Around 12 pilot batches are planned over four weeks using material from the Teck-Hughes project to provide operational, metallurgical and technical data for a potential commercial development. » Mere på de.investing.com

Shareholders of Fulcrum Metals voted at the annual general meeting by a large majority to approve several resolutions allowing the issue of new ordinary shares for loan conversions, an equity subscription, the exercise of warrants to YA and an at‑the‑market (ATM) facility. The approvals enable the drawdown of the second tranche of a convertible loan of £1.5m at 11.375 pence per share and the possible issue of further shares on exercise of the First Warrants at 13.125 pence per share. An ATM facility of up to £2.5m, the potential conversion of a second £2.5m loan and a second equity subscription of £0.5m were also approved. The financing arrangements with YA are intended to fund the development and testing of pilot plants for the Teck Hughes and Sylvanite waste‑rock projects. » Mere på de.investing.com

Fulcrum Metals has agreed a £6 million financing package with YA II PN, Ltd. (managed by Yorkville Advisors) to fund development and testing of a pilot plant for the Teck Hughes and Sylvanite tailings projects in Ontario. The structure comprises unsecured convertible loans of £5 million (in two tranches), equity subscriptions totalling £1 million, an at-the-market facility of £2.5 million and warrants with a three-year exercise period. Drawdown tranches, conversion prices (including 11.375 pence for the first loan) and shareholder approval are conditions; failure to obtain them would give rise to a repayment claim by YA. Admission of 5,714,286 new shares from the first equity subscription has been applied for; trading in the new shares is expected to commence on 11 May. » Mere på de.investing.com