First Tin PLC has successfully raised approximately £2.1 million through a placing of 53,000,000 new ordinary shares at a price of 4 pence per share. The net proceeds from this placing will be utilized for various purposes, including the completion and submission of the ongoing Environmental Impact Statement and final permitting processes at Taronga, Australia, as well as the progression of permitting at Tellerhäuser, Germany. Arlington Group Asset Management and W H Ireland Limited acted as Financial Advisor and Joint Broker in connection with the placing.
The company has also announced a General Meeting to be held on 29 July 2024 to seek approval from shareholders for the issue of the placing shares on a non-preemptive basis. The circular containing details of the fundraise and a notice of the General Meeting is expected to be posted to shareholders on 12 July 2024 and will be available on the company's website. Subject to the approval of the resolutions at the General Meeting, it is expected that dealings in the new ordinary shares will commence on the Main Market at 8 a.m. on 31 July 2024.
First Tin PLC is an ethical, reliable, and sustainable tin production company with a focus on becoming a tin supplier in conflict-free, low political risk jurisdictions. The company is led by a team of renowned tin specialists and is dedicated to the rapid development of high value, low capex tin assets in Germany and Australia. Tin, being a critical metal, is expected to experience sustained deficit markets for the foreseeable future due to rising demand and shortages, making First Tin's endeavors significant in the context of decarbonization and electrification efforts.