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Highlights
- Strategic Funding: £750,000 raised through the issuance of 2.5 million shares at £0.30 per share to Premier Miton, a UK asset management company.
- Project Acceleration: Funds will support exploration and development activities at Pilot Mountain and, potentially, Tempiute.
- Strengthening U.S. Tungsten Supply Chain: The investment reinforces efforts to establish domestic tungsten production, critical for military and industrial applications.
Guardian Metal Resources plc (LSE:GMET), a mineral exploration and development company focused on tungsten in Nevada, has raised £750,000 through a placing with Premier Miton, a leading UK asset management firm. The issue price of £0.30 per share represents a significant step in Guardian Metal’s mission to bolster the U.S. tungsten supply chain.
The investment highlights growing recognition of the importance of domestic tungsten production, essential for military and industrial sectors, amidst global efforts to reduce dependency on foreign sources.
Key Details of the Placing
- Investment Overview: The funding was secured through the issuance of 2.5 million new ordinary shares, representing 2% of the company's enlarged share capital. No warrants were issued to the subscriber, ensuring the straightforward nature of the deal.
- Subscriber Details: The entire placement was made to Premier Miton, with Gervais Williams and Martin Turner overseeing the investment. Williams, a notable figure in UK financial markets, is also the president of the QCA and a member of the AIM advisory panel at the London Stock Exchange.
- Broker Warrants: The company’s broker arranged the placement, earning 120,000 warrants exercisable at £0.375 per share, expiring in 24 months.
Accelerating Key U.S. Projects
The raised funds will be directed toward working capital and advancing the company's two primary tungsten projects in Nevada:
- Pilot Mountain: Accelerated exploration and project development activities will be a key focus.
- Tempiute: Funding is contingent upon the signing of a definitive agreement, signaling potential expansion opportunities.
Both projects align with Guardian Metal’s strategic vision of establishing a secure, domestic tungsten supply chain in the U.S., addressing the critical need for local sourcing of this essential metal.
