Ferro-Alloy Resources Limited Share Subscription (8775X)
03 Settembre 2020 - 8:00AM
UK Regulatory
TIDMFAR
RNS Number : 8775X
Ferro-Alloy Resources Limited
03 September 2020
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
3 September 2020
Ferro-Alloy Resources Limited
("Ferro-Alloy" or "the Company")
Issue of Equity
Ferro-Alloy Resources Limited (LSE: FAR), the vanadium mining
and processing company with operations based in Southern Kazakhstan
announces that, conditional only on Admission becoming effective,
it has allotted 6,250,000 ordinary shares of no par value
('Ordinary Shares') by way of a direct subscription into the
Company for cash at a price of 8 pence per share, raising a total
of GBP500,000.
Application will be made to the FCA and to the London Stock
Exchange for the 6,250,000 Ordinary Shares, which rank pari passu
with the Company's existing issued ordinary shares, to be admitted
to the standard segment of the Official List of the FCA and to
trading on the London Stock Exchange's Main Market for listed
securities respectively. Dealings are expected to commence from
8.00 a.m. on 8 September 2020 ("Admission").
Following Admission, the Company will have in issue a total of
324,339,052 Ordinary Shares. The Company does not hold any Ordinary
Shares in treasury. Therefore, following Admission, the total
number of voting rights in the Company will be 324,339,052 which
may be used by shareholders or other persons as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
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
VSA Capital (Financial Adviser) Tel: +44 (0)203 005 5000
Andrew Monk / Simon Barton
St Brides Partners Limited (Financial PR & IR Adviser)
Catherine Leftley / Megan Dennison Tel: +44 (0)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, with 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 existing concentrate processing operation 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.
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END
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