First Class Metals (LSE:FCM) rocketed 27.5%, to 4.08p, as the monetisation of one of its Ontario assets has entered the final completion phase.
Definitive transaction documentation is close to being finalised, with only customary legal formalities, funding settlement procedures and closing mechanics remaining.
The transaction is expected to provide substantial non-dilutive funds outside traditional funding sources while preserving the company’s exposure to future funding opportunities related to the property. And, the board said it remains encouraged by progress across the company’s portfolio in Ontario.
It continues to evaluate opportunities capable of unlocking value while preserving long-term shareholder exposure.
"This transaction has been the main focus of management's efforts, and I believe we are nearing the finish line; the rewards to the company will make the effort worthwhile," Marc J. Sale, CEO, said.
