Highlights

  • Atlas Metals established a GBP 10 million at-the-market equity facility with Axis Capital.
  • New shares issued via At-the-market facility, warrant exercise and loan note conversion increase voting rights.
  • Funding framework supports working capital and proposed UPSA reverse takeover process.

Atlas Metals Group PLC (LSE:AMG) announced on 4 February 2026 that it has entered and established an at-the-market (ATM) equity facility of up to GBP 10 million with Axis Capital Markets Limited. The facility follows shareholder approvals granted at the company’s general meeting held on 1 December 2025 and forms part of the funding arrangements outlined in the circular dated 5 November 2025.

The ATM facility is intended to support the company’s working capital requirements, address certain historic creditor obligations, and fund costs associated with progressing the proposed acquisition of Universal Pozzolanic Silica Alumina Ltd (UPSA), which is classified as a reverse takeover under FCA listing rules.

Structure of the ATM Arrangement

Under the facility, Atlas Metals will issue ordinary shares with a nominal value of GBP 0.01 to an FCA-regulated custodian appointed by Axis. Shares will be allotted and issued in tranches by mutual agreement between the company and Axis, with each tranche subject to company-set floor pricing and agreed daily volume limits.

The ATM agreement was signed on 3 February 2026. As part of the arrangement, the company issued 720,820 ATM shares at par value, representing approximately 2.99% of the issued share capital. Axis will use reasonable endeavours to sell the shares over a minimum term of one year, subject to customary selling restrictions. Net proceeds payable to the company are expected to represent approximately 96.5% of gross sale proceeds after broker fees and settlement costs.

Additional Share Issues

Alongside the ATM facility, Atlas Metals confirmed the exercise of warrants to subscribe for 631,578 new ordinary shares at an exercise price of GBX 10 per share. The company also received a conversion notice relating to GBP 387,550 of unsecured convertible loan notes, resulting in the issue of 3,664,923 new ordinary shares at a conversion price of GBX 10.52 per share.

Together with the ATM shares, these transactions result in the issue of a total of 5,017,321 new ordinary shares.

Admission and Total Voting Rights Update

An application has been made for the admission of the new shares to the Official List (equity shares transition category) and to trading on the main market of the London Stock Exchange. Admission is expected to occur at 8:00 a.m. on or around 5 February 2026.

Following admission, Atlas Metals’ issued share capital will comprise 29,124,930 ordinary shares, each carrying one voting right. The company does not hold shares in treasury, and total voting rights will stand at 29,124,930.