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First Class Metals PLC - gold and critical metals explorer in Ontario, Canada - Daniel Webster resigns as chair immediately, having been appointed only at the start of this month as part of a large investment by his firm Seventy Ninth Group Ltd. Webster has decided to focus on Seventy Ninth, ‘particularly to address the recent allegations made by the City of London Police concerning the group’, First Class Metals says, which notes that Webster was among four members of Seventy Ninth questioned by police before being released on bail without charge. Taking Webster’s place on the board, First Class Metals names Seventy Ninth Chief Operating Officer Christopher Johnson as non-executive director. First Class Metals Managing Director James Knowles becomes executive chair. First Class Metals adds, ‘whilst it remains the intention to complete the second stage’ of Seventy Ninth’s investment into the company, ‘it will not be proceeding at the current time’. The first stage of investment saw Seventy Ninth buy 78.6 million First Class Metals shares at 1.7 pence each, taking a 41% stake, with a further subscription expected to take this up to 51%. Current stock price: 1.10 pence, down 20% in London on Monday afternoon 12-month change: down 60% Copyright 2025 Alliance News Ltd. All Rights Reserved.
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