Cornish Metals approves £57.4 million fundraising for projects

Cornish Metals, a mineral exploration company from Vancouver, has announced the results of its special meeting of shareholders held on March 18, 2025. The meeting was conducted via live audio teleconference and aimed to secure approvals for a fundraising effort expected to raise about £57.4 million. At the meeting, shareholders voted on several resolutions. Around 334.5 million common shares were voted, representing nearly 50% of the company's total shares. All proposed resolutions received the necessary majority approval. Shareholders also approved a new Performance Share Plan that will allow the company to offer performance-based shares. This plan will not exceed 10% of the total shares available at any time. This approval is still subject to the final sign-off from the TSX Venture Exchange. The company has applied for the admission of new shares to trading, which is expected on March 24, 2025. Once finalized, this will bring the total number of shares to about 1.25 billion. The admission will also clarify voting rights for shareholders. Key stakeholders, Vision Blue Resources Limited and the National Wealth Fund Limited, will hold 29.14% and 28.50% of the voting rights, respectively, after the fundraising is completed.