Ferro-Alloy Resources Limited Director Lock-In & Orderly Marketing Arrangement (7121G)
19 Marzo 2020 - 08:00AM
UK Regulatory
TIDMFAR
RNS Number : 7121G
Ferro-Alloy Resources Limited
19 March 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
Ferro-Alloy Resources Limited
Director's Lock-in and Orderly Marketing arrangements
Ferro-Alloy Resources Limited ("Ferro-Alloy" or the "Company")
(LSE: FAR) announces that the Company has recently undertaken a
marketing exercise with a limited number of potential investors to
seek to place shares for Nick Bridgen, Chief Executive Officer of
the Company, in order to make partial payment towards an existing
c. GBP3.3 million outstanding divorce settlement with his ex-wife.
Given the unprecedented market volatility and lack of liquidity due
to Covid-19 there has not been sufficient demand to successfully
complete the planned placing.
As a result of the uncertainty as to the length of the
disruption being caused by Covid-19, Mr Bridgen has agreed to enter
into a 12 month lock-in over the 64,738,800 ordinary shares in the
Company he holds (subject to waiver by Shore Capital and to certain
customary exceptions) (the "Lock-in"). Mr Bridgen was subject to a
12-month orderly marketing arrangement entered into in conjunction
with the IPO of the Company, that was set to expire on 21 March
2020, the Lock-in replaces this orderly marketing arrangement.
For further information, visit www.ferro-alloy.com or
contact:
Ferro-Alloy Resources Limited
Nick Bridgen, Chief Executive Officer info@ferro-alloy.com
Shore Capital (Broker)
Corporate Advisory: Toby Gibbs / Mark Percy / John More Tel: +44
(0) 207 408 4090
Corporate Broking: Jerry Keen
St Brides Partners Limited (Financial PR & IR Adviser)
Catherine Leftley / Priit Piip Tel: +44 207 236 1177
Further information about Ferro-Alloy Resources Limited
The Company's operations are all located at the Balasausqandiq
Deposit in Kyzylordinskaya Oblast in the South of Kazakhstan.
Currently the Company has two main business activities:
(a) the high grade Balasausqandiq Vanadium Project (the "Project"); and
(b) an existing profitable vanadium concentrate processing
operation (the "Existing Operation")
Balasausqandiq is a very large deposit, situated in
Kyzylordinskaya Oblast in Southern Kazakhstan. The ore contains
vanadium as the principal product, together with by-products of
carbon, molybdenum, uranium, rare earth metals, potassium, and
aluminium.
A reserve on the JORC 2012 basis has been estimated only the
first ore-body number which amounts to 23 million tonnes, not
including the small amounts of near-surface oxidised material which
is in the Inferred resource category. In the system of Reserve
estimation used in Kazakhstan the Reserves are estimated to be over
70m tonnes in ore-bodies 1 to 5 but this does not include the full
depth of ore-bodies 2-5.
There is an additional existing concentrate processing operation
is situated at the site of the Balasausqandiq Deposit. The
production facilities were originally created from a 15,000 tonnes
per year pilot plant which was then adapted to treat low-grade
concentrates and is now in the process of being expanded and
further adapted to treat a wider variety of raw-materials.
The Company has already completed the first steps of a
development plan which is expected to result in annualised
production capacity increasing gradually to around 1,500 tonnes of
contained vanadium pentoxide. The development plan includes
upgrades to infrastructure, an extension to the existing factory
and the installation of equipment to increase the throughput and to
add the facilities to convert AMV into vanadium pentoxide.
The strategy of the Company is to develop both the Existing
Operation and the Project in parallel. Although they are located on
the same site and use some of the same infrastructure, they are
separate operations.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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March 19, 2020 03:00 ET (07:00 GMT)
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