The owner of the mining industry’s online investment platform has been chosen by the Cornish Metals Inc to deal with wealthy investors eyeing up shares in the copper and tin mining firm.
Minexia Limited, the sole owner of the platform-based finance solution NR Private Market, has been appointed by Cornish Metals In to handle interest from “high net worth and sophisticated private investors” wishing to participate in the flotation of the company on the London Stock Exchange.
Cornish Metals, which owns the South Crofty mine in Cornwall, has already announced its intention to apply for admission to the Alternative Investment Market (AIM).
The company, formerly known as Strongbow, is hoping to raise £5million to finance further copper and tin drilling at United Downs.
Such has been the interest from private investors in Cornwall, that Minexia will work alongside SP Angel and Hannam and Partners, which are dealing with the equity raise to institutional fund managers. Minexia will offer the same term, once finalised. to private investors.
Minexia operates an investor platform at www.nrprivatemarket.com which is regulated by the Financial Conduct Authority (FCA).
This is a free to invest, funding site which is designed to support earlier stage mining exploration and project development companies.
Richard Lloyd, chief executive of Minexia said: “Potential investors in Cornwall, and beyond, will need to sign up to our site. They will complete some KYC (know your customer) and anti money laundering checks and confirm that they are either a ‘self-certified sophisticated investor’ or a ‘high net worth investor’. The Cornish Metals profile will be live from 8am on January 25, 2021 until February 1, 2021.”
Richard Williams, chief executive of Canada-based Cornish Metals, said: “We are very pleased to have found a way to enable certain UK private investors to become shareholders in Cornish Metals. We expect the listing of Cornish Metals will be of interest in Cornwall and throughout the UK.”
Cornish Metals announced its intention to float on January 13 and is proposing to raise a minimum of £5million through an equity placement of new Common Shares (the “fundraising”) to advance the United Downs copper-tin project. The company expects that admission to AIM will become effective in February 2021.
The company’s core projects are the United Downs underground copper-tin exploration project and the South Crofty tin project in Cornwall.
Subject to completion of the AIM listing and funding, the company’s plan is to conduct a drill programme at United Downs to define the resource potential.
The offer to certain private investors will be made under an exemption from the requirement to publish a prospectus and accordingly the maximum aggregate demand from investors through Minexia's NR Private Market platform will be limited to 8million euros. The offer will not be made available to investors in the United States of America or Canada.
With the AIM listing Cornish Metals, headquartered in Vancouver, is hoping to fund the next phase of its project at United Downs and drill down to 8,000 metres to see the extent of the metal deposit zone for precious metals like tin, copper and lithium, all of which are used in new technologies from electric cars and batteries to electronics, robotics, 5G and renewable energy.
The company holds extensive mineral rights in a highly prospective historic mining area covering about 15,000 hectares around United Downs, Redruth and Camborne.
The United Downs Project is a near surface, high-grade copper-tin discovery and is located immediately adjacent to four former producing copper and tin mines: Consolidated Mines and United Mines to the north and south, respectively; and the Mount Wellington and Wheal Jane mines to the east.
