Focus Xplore completes fundraising, partners with AI firm

Published 17/04/2025, 11:34
Focus Xplore completes fundraising, partners with AI firm

LONDON - Focus Xplore PLC (AIM:FOX), an energy and critical minerals exploration company, announced today that it has successfully closed a fundraising placement, raising £307,500. The company also revealed the appointment of Planetary AI Limited as an artificial intelligence consultant to aid in identifying exploration opportunities in Ontario.

The placement resulted in the issuance of 20,000,000 Ordinary Shares at 0.05p per share, with an attached warrant for each share granting the right to subscribe for one new share at 0.07p per share for three years starting from February 28, 2025. Additionally, Focus Xplore will issue 20,000,000 Ordinary Shares to Planetary AI as part of the consulting fee arrangement.

Planetary AI will utilize its proprietary Xplore system, which combines semantic technology with machine learning, to analyze geological data in Ontario. The system is designed to understand and interpret data similarly to human geologists, enabling the identification of mineral-rich zones. The Xplore platform, developed by International Geoscience Services Limited and based on over fifty mineral deposit types, has been significantly enhanced over the past two years.

Patrick Cullen, CEO of Focus Xplore, expressed confidence in the partnership with Planetary AI, highlighting the system’s geological knowledge and expertise. He also noted the wealth of data available from the Ontario government and the Ontario Geological Survey, which will be leveraged in the search for critical minerals.

The company is preparing to finalize contracts for upcoming field activities in Ontario, with service providers based in Thunder Bay.

An application has been filed for the newly issued shares to be admitted to trading on AIM, with admission expected around April 25, 2025. Following admission, the total number of ordinary shares in issue will be 2,269,420,573.

Focus Xplore also announced that First Equity Limited has become its sole corporate broker, following the termination of its engagement with SI Capital Ltd.

This update is based on a press release statement and contains information that is considered inside information under Market Abuse Regulations.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.