Cornish Metals Inc. Announces Shareholder Meeting to Seek Approvals for £57.4 Million Fundraising
VANCOUVER, British Columbia, Feb. 18, 2025 – Cornish Metals Inc. (CUSN), a mineral exploration and development company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, has announced that a special meeting of its shareholders will take place in a virtual-only format on Tuesday, March 18, 2025, at 9am (Vancouver time) / 4pm (London time). The purpose of the Meeting is to seek the necessary approvals from shareholders to complete the previously announced fundraising, which aims to raise gross proceeds of £57.4 million.
Resolutions to be Voted on at the Meeting
During the Meeting, shareholders will be asked to pass the following resolutions:
- Ordinary resolution of disinterested shareholders: To approve the creation of National Wealth Fund Limited as a new “control person” of the Company.
- Ordinary resolution of shareholders: To authorise the directors of the Company to allot shares in the Company.
- Extraordinary resolution of shareholders: To authorise the directors of the Company to allot certain equity securities for cash in connection with the fundraising without first having to offer them on a pre-emptive basis to existing shareholders.
- Ordinary resolution of shareholders: To approve a proposed performance share plan.
Impact on Shareholders
The outcome of the Meeting will impact Cornish Metals’ shareholders in several ways:
- Dilution: Approving the allotment of new shares and equity securities without offering them to existing shareholders first could lead to dilution for current shareholders.
- Control: Approving the creation of National Wealth Fund Limited as a new control person could impact shareholder control and influence on the Company.
- Performance Share Plan: Approval of the proposed performance share plan would enable the Company to issue shares as part of compensation to employees and directors based on their performance.
Impact on the World
Beyond Cornish Metals’ shareholders, the outcome of the Meeting could have broader implications:
- Market Trends: The success of Cornish Metals’ fundraising could influence market trends for mineral exploration and development companies seeking to raise capital.
- Industry Development: The advancement of the South Crofty tin project could contribute to the development of the tin industry and potentially boost the global tin market.
- Financial Markets: The Meeting’s outcome could impact investor sentiment towards the mining sector and the London Stock Exchange, where Cornish Metals is listed.
Conclusion
Cornish Metals’ upcoming shareholder meeting represents a critical juncture for the Company and its stakeholders. The outcome of the Meeting will significantly impact Cornish Metals’ shareholders through dilution, control, and performance share plans. Moreover, the Meeting’s success could have broader implications for market trends, industry development, and financial markets. Shareholders are encouraged to carefully consider the information presented and make an informed decision at the Meeting.
For further information, please contact:
Ian McShane, Chief Executive Officer
Cornish Metals Inc.
Tel: +1 604 559 8653
Email: [email protected]
