LONDON - Guardian Metal Resources plc (LON:GMET/OTCQB:GMTLF), the strategic mineral exploration and development company based in Nevada, U.S., has announced the exercise of warrants resulting in the issuance of new shares. The company received notifications for the exercise of warrants for a total of 2,074,962 new ordinary shares at varying prices of 17p and 25p per share, which will provide the company with an additional £512,743.54 in capital.
The new ordinary shares, each with a nominal value of 1 pence, include 74,962 shares at an exercise price of 17p and 2,000,000 shares at a price of 25p. The completion of these warrant exercises is expected to strengthen the company's financial position.
Guardian Metal has applied for the newly issued shares to be admitted to trading on the AIM market of the London Stock Exchange (LON:LSEG), with admission anticipated to occur on or around the 12th of December 2024. These shares will be on equal footing with the company's existing ordinary shares already traded on AIM.
Following the admission of the Warrant Shares, Guardian Metal's issued share capital will total 122,012,874 ordinary shares of 1p each. This figure will also represent the total voting rights in the company, which shareholders can use as a reference for disclosing their interest or changes to their interest in Guardian Metal as per the Financial Conduct Authority's Disclosure and Transparency Rules.
The company's management has not provided further details on the specific use of the proceeds from these exercises. However, such capital increases are typically aimed at funding ongoing operations, exploration activities, or other corporate purposes.
This financial move comes as part of Guardian Metal's ongoing efforts to develop its strategic mineral resources in the United States. The exercise of these warrants and the subsequent addition of over half a million pounds to the company's funds, based on a press release statement, underscores investor confidence in its endeavors.
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