PKF supports admission to AIM
We are delighted to support First Development Resources PLC on their admission to AIM.
The company has raised gross proceeds of £2.3 million, following a fundraise of 34,482,759 ordinary shares at 6.67 pence per share, giving the company a market capitalisation of £7.06 million on admission. Power Metal Resources PLC will hold 43.44% of First Development Resources PLC issued share capital.
First Development Resources owns three highly prospective copper-gold projects and one highly prospective uranium and rare earth element project in Western and Northern Australia respectively. All permits are in place to start drilling within a matter of weeks.
The proceeds from the secondary offer have been transferred to Newmont NOL Pty Limited. Additionally, GGP raised A$14m by the issue of 2,115,875 shares at an issue price of $6.60 under the UK Retail Offer.
“First Development Resources’ admission to AIM comes at a time when the world needs more critical, precious-and base-metals. This presents an exciting opportunity for a company such as ours with ownership of four diverse exploration and development assets located within one of the world’s most attractive mining jurisdictions. We believe FDR represents significant potential and are eager to accelerate both exploration and corporate development activities immediately following our listing.
FDR’s journey to Admission was not without its challenges, and we are extremely grateful of the support we received from our advisors throughout the process, notably from the PKF team. We would like to build on the relationship we have established with PKF as FDR navigates the next phase of corporate growth as a listed company on AIM.”
Tristan Pottas, CEO | First Development Resources PLC
PKF acted as reporting accountant on the transaction and the Capital Markets team included Joseph Baulf, Jamie Legge and Gareth Evans.
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