REG - Ferro-Alloy Resrcs. - Issue of Equity to Directors & Share Subscription
19/12/2024 12:15
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RNS Number : 7945Q Ferro-Alloy Resources Limited 19 December 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU) NO. 596/2014 (INCLUDING AS IT FORMS PART OF THE LAWS OF
ENGLAND AND WALES BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("MAR").
19 December 2024
Ferro-Alloy Resources Limited
("Ferro-Alloy", the "Group" or the "Company")
Issue of Equity to Directors / Suppliers and Share Subscription
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer
of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, announces
that it has issued a total of 1,684,160 ordinary shares of nil par value in
the capital of the Company (the "Fee Shares") in lieu of cash for the payment
of non-executive director fees and certain Group suppliers. Additionally, the
Company has also received a share subscription for 80,823 ordinary shares of
nil par value in the capital of the Company ("Subscription Shares" together
with the Fee Shares, the "New Shares") from its newly appointed Astana
International Exchange ("AIX") market maker. The New Shares are being issued
under existing shareholder authority granted at the Company's 2024 annual
general meeting held on 23 October 2024.
Issue of Equity
· The Company's non-executive directors have agreed to be issued with a
total of 1,151,724 New Shares at 9.75p per share in lieu of fees for Q2 to Q4
2024 and Q1 2025 for the aggregate amount of £112,293.14
· Following the issue of the New Shares, the beneficial interest of the
Company's non-executive directors in the issued share capital of the Company
will be as follows:
· Christopher Thomas: 6,840,753 ordinary shares of nil par value in the
capital of the Company ("Ordinary Shares"), representing 1.41% of the issued
share capital of the Company
· James Turian: 883,908 Ordinary Shares, representing 0.18% of the
issued share capital of the Company
· Petrus Nienaber: 383,908 Ordinary Shares, representing 0.08% of the
issued share capital of the Company
· Certain suppliers of the Group have agreed to be issued with a total
of 532,436 New Shares at 9.75p per share in settlement of balances due to them
for the amount of £51,912.53
· The Company has also received a share subscription from SQIF Capital
JSC, the Company's newly appointed AIX market maker, for 80,823 New Shares at
9.75p per share totalling £7,880.22
· All New Shares are being issued at the Company's closing mid-market
share price as at 18 December 2024
Admission
Applications have been made to the Financial Conduct Authority for the New
Shares to be admitted to the standard listing segment of the Official List and
to the London Stock Exchange for the New Shares to be admitted to trading on
its Main Market for listed securities ("Admission"). It is anticipated that
Admission will become effective, and that dealings in the New Shares will
commence at or around 8.00 a.m. GMT on 6 January 2025.
Total Voting Rights
Following Admission of the New Shares the Company's issued ordinary share
capital will comprise 484,987,221 Ordinary Shares, with none held in treasury,
and therefore, the total number of Ordinary Shares in the Company with voting
rights will be 484,987,221. This figure may be used by shareholders in the
Company 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 share capital of the Company under the applicable legal and
regulatory requirements.
ENDS
For further information, visit www.ferro-alloy.com or contact:
Ferro-Alloy Resources Limited Nick Bridgen (CEO) / William Callewaert (CFO) info@ferro-alloy.com
Shore Capital Toby Gibbs/Lucy Bowden +44 207 408 4090
(Joint Corporate Broker)
Panmure Liberum Limited Scott Mathieson/John More +44 20 3100 2000
(Joint Corporate Broker)
BlytheRay (Financial PR) Tim Blythe/Will Jones +44 20 7138 3204
Details of the full notifications received by the Company are set out below:
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name James Turian
2 Reason for the notification
a) Position/status Non-Executive Director of Ferro-Alloy Resources Limited
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name FERRO-ALLOY RESOURCES LIMITED
b) LEI 2138003T5CF6U9W7Z780
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares
Identification code GG00BGDYDZ69
b) Nature of the transaction Share issue in lieu of cash for director fees
c) Price(s) and volume(s)
Price(s) Volume(s)
9.75p 383,908
d) Aggregated information
- Aggregated volume N/A Single transaction
- Price
e) Date of the transaction 6 January 2025
f) Place of the transaction London Stock Exchange
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Christopher Thomas
2 Reason for the notification
a) Position/status Non-Executive Director of Ferro-Alloy Resources Limited
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name FERRO-ALLOY RESOURCES LIMITED
b) LEI 2138003T5CF6U9W7Z780
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares
Identification code GG00BGDYDZ69
b) Nature of the transaction Share issue in lieu of cash for director fees
c) Price(s) and volume(s)
Price(s) Volume(s)
9.75p 383,908
d) Aggregated information
- Aggregated volume N/A Single transaction
- Price
e) Date of the transaction 6 January 2025
f) Place of the transaction London Stock Exchange
Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Petrus Nienaber
2 Reason for the notification
a) Position/status Non-Executive Director of Ferro-Alloy Resources Limited
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name FERRO-ALLOY RESOURCES LIMITED
b) LEI 2138003T5CF6U9W7Z780
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares
Identification code GG00BGDYDZ69
b) Nature of the transaction Share issue in lieu of cash for director fees
c) Price(s) and volume(s)
Price(s) Volume(s)
9.75p 383,908
d) Aggregated information
- Aggregated volume N/A Single transaction
- Price
e) Date of the transaction 6 January 2025
f) Place of the transaction London Stock Exchange
Notes to Editors
About Ferro-Alloy Resources Limited:
The Company's operations are all located at the Balasausqandiq deposit in
Kyzylordinskoye Oblast in the South of Kazakhstan.
Balasausqandiq is a very large deposit, with vanadium as the principal product
together with the carbon black substitute ("CBS") and several by-products.
Owing to the nature of the ore, the capital and operating costs are very much
lower than for other vanadium projects.
The most recent mineral resource estimate for ore-body one (of seven) provided
an Indicated Mineral Resource of 32.9 million tonnes at a mean grade of 0.62%
vanadium pentoxide ("V(2)O(5)") equating to 203,364 contained tonnes of
V(2)O(5). 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 to 5 or the remaining ore-bodies which
remain substantially unexplored.
The grade of carbon in the deposit is over 8%. The carbon flows through to
the tailings from where it is concentrated in a simple low-cost operation into
a 40% carbon product, the CBS, that can be used in place of carbon black as a
reinforcing filler in the making of rubber.
The Project will be developed in two phases, Phase 1 and Phase 2, with Phase 1
treating 1.65 million tonnes per year.
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 expanded and adapted to
recover vanadium, molybdenum and nickel from purchased concentrates.
Alongside this operation there is a well-equipped laboratory and highly
skilled technical team who have already developed the technology that is being
built into the feasibility study and is further developing and optimising
processes needed for future vanadium and carbon operations. The plant will
operate only when profitable concentrates are available and, when not
operating as a production facility, will operate on an expanded basis as an
R&D centre.
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