|
Focus Xplore PLC on Friday reported fundraising activity as it looks to drive AI work projects, support capital working requirements and settle creditors. The strategic energy and critical minerals exploration company reported an oversubscribed financing, raising £387,000 through the issue of 9.7 million shares at 0.04 pence. Shares in Focus Xplore tumbled 21% to 0.042 pence on Friday afternoon in London. Chief Executive Patrick Cullen, the chair and two non-executive directors of Focus Xplore are set to subscribe for shares totalling £40,000 through the issue of 100 million new ordinary shares on the same terms. Focus Xplore will issue a further 1.4 million new ordinary shares to settle fees of £57,000 in respect of general operational activities and communications support. Focus Xplore also said it has made progress in its artificial intelligence driven exploration following its ongoing collaboration with Planetary AI Limited. Cullen said: ‘We have identified a proprietary AI capability as a cornerstone of our future growth strategy. ‘Whether through development or acquisition, this initiative represents a transformative opportunity to unlock new value, drive innovation, and position Focus Xplore at the forefront of AI-driven exploration. I look forward to advancing this strategy with urgency and purpose.’ Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
