Cornish Metals Closes Final Tranche of Fundraising and Appoints Mr. James Whiteside to the Board of Directors
Summary
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, HONG KONG, SINGAPORE, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF CORNISH METALS INC. OR ANY OTHER ENTITY IN ANY JURISDICTION. The Company is also pleased to announce that Mr. James Whiteside has joined the Board of Directors as Non-Executive Director, effective immediately.Proceeds of the Fundraising will be principally used to ensure that the Company can continue with its path to development through completing the shaft refurbishment and de-watering process, the start of early project works, ordering long lead items and completion of the project finance process and up to the point of the formal final investment decision at its South Crofty Tin Mine.Capitalised terms in this announcement have the same meaning as in the Launch Announcement unless otherwise indicated.As previously announced, on March 18, 2025 all Resolutions were passed at the Special Meeting which granted the Company the necessary shareholder approvals to carry out the Fundraising, and on March 20, 2025, approval from the TSX Venture Exchange (the TSX-V) was received to proceed to close the final tranche of the Fundraising.Accordingly, Admission of, in aggregate, 583,325,689 Second Tranche New Shares occurred at 8.00 a.m. (London time) today (24 March 2025) at which point the Fundraising completed. The Company does not hold any shares in treasury.On Admission, Vision Blue Resources Limited now holds 29.14% of the Total Voting Rights and the National Wealth Fund Limited holds 28.50% of the Total Voting Rights.For further details of the Fundraising, please refer to: (i) the Launch Announcement; (ii) the news release dated January 28, 2025 (Titled: Result of Fundraising); (iii) the news release dated January 31, 2025 (Titled: Results of Retail Offer); (iv) the news release dated February 7, 2025 (Titled: Cornish Metals Closes First Tranche of Fundraising); and (v) the news release dated March 18, 2025 (Titled: Cornish Metals Announces Results of Special Meeting of Shareholders), copies of which are available on the Companys profile on SEDAR+ at www.sedarplus.ca.Participation by the Participating Directors constitutes a related party transaction within the meaning of Policy 5.9 of the rules and policies of the TSX-V and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (MI 61-101). NWFs address is 2 Whitehall Quay, Leeds, England, LS1 4HR.Early Warning Disclosure by Vision Blue Resources Limited, pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues Prior to the Offering,Prior to the entry into the VBR Subscription Agreement, Vision Blue held an aggregate of 138,888,889 common shares of the Company representing approximately 25.95% of the outstanding common shares on a non-diluted basis. Cornish Metals does not assume any obligation to update forward-looking statements if circumstances or managements beliefs, expectations or opinions should change other than as required by applicable law.