Druces advised First Development Resources plc (FDR), a UK based, Australian focused exploration company, on its successful admission to the AIM market of the London Stock Exchange and the associated £2.3 million fundraising. The transaction marks a significant milestone in the development of FDR’s exploration in Australia.
The admission ends a long process for the FDR and saw it raise £2.3 million in gross proceeds through the placing and subscription, securing capital to accelerate its exploration and enhancing its access to the capital markets, positioning it strongly for future growth.
Druces advised on all aspects of the fundraise including the admission document, subscription, placing, warrant exercises, option exercises, loan conversions and much more.
The Druces team was led by Mark Lamph (Senior Associate), and included Kajal Sachania (Senior Associate), Devon Monaghan (Solicitor) and Julide Hasan (Trainee Solicitor).
Tristan Pottas, CEO of FDR, commented:
“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. We would like to thank Druces and their team for their support, expertise and guidance throughout our admission.”
Mark Lamph, Senior Associate, commented:
“We are delighted to have assisted First Development Resources finally achieved admission to AIM, which represents a significant step towards their exploration goals and accelerating its growth. This is a very exciting time for First Development Resources and we thank Tristan and the board for their continued confidence and partnership with Druces. We look forward to working with First Development Resources again in the near future.”
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