REG - Firering Strategic - Acquisition of 51% of Alliance Share Capital

Firering Strategic MineralsAnnouncement

09/12/2021 07:00

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RNS Number : 0418V  Firering Strategic Minerals PLC  09 December 2021

Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining

 

9 December 2021

Firering Strategic Minerals plc ("Firering" or "the Company")

Acquisition of 51% of Alliance Issued Share Capital

 

Firering Strategic Minerals, an exploration company focusing on critical
minerals, is pleased to announce, as expected, it has executed the acquisition
of 51% of Alliance Minerals Corporation SARL ("Alliance") by payment of
FCFA150,000,000 (EUR 230,000). As set out in the Company's Admission Document,
the acquisition will provide Firering with a controlling interest in the
licence application adjacent to the Company's flagship Atex Lithium-Tantalum
Project in Côte d'Ivoire ("Atex").  The licence, held by Alliance, is
partially contiguous to Atex and the Company has confirmed the presence of
pegmatites that may be a potential extension of the Atex pegmatites or a
secondary deposit.

 

Key highlights:

·    The Alliance licence application covers an area of 365sqkm partially
adjacent to the Atex licence.

·   This initial payment is part of the Company's agreement (in August
2021) with Alliance and its shareholders to acquire up to 80% of Alliance's
share capital

·   The first payment of €230,000, funded from the proceeds of Firering's
recent IPO, will see   Firering acquire an initial 51% of Alliance's share
capital.

·    The Company also has an option at its discretion to acquire a further
29% stake for €610,000 as set out in the Admission Document.

·   At present, the Company's key focus of exploration activities remains
on the Atex licence.  However, early-stage due diligence on the Alliance
licence shows potential mineralised extensions into the Alliance licence,
which may be of strategic importance to the Company as our exploration work
progresses.

 

Yuval Cohen, Chief Executive of Firering Strategic Minerals, said:

"Building a controlling stake in Alliance Minerals will allow Firering to
consolidate its position in this region of Cote d'Ivoire and will expand our
mineralised footprint with further pegmatite extensions.  Following the
commencement of auger drilling at Atex last week, our ground works have
commenced and we look forward to reporting results in due course."

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310 ("MAR"). With the
publication of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public domain.

 

For further information visit www.fireringplc.com or contact the following:

 

 Firering Strategic Minerals                 Tel: +44 20 7236 1177

 Yuval Cohen

 Tim Daniel
 SPARK Advisory Partners Limited             Tel: +44 20 3368 3550

 Nominated Adviser

 Neil Baldwin / James Keeshan / Adam Dawes
 Optiva Securities Limited                   Tel: +44 20 3137 1903

 Broker

 Christian Dennis / Jeremy King
 St Brides Partners Limited                  T: +44 20 7236 1177

 Financial PR                                E: firering (mailto:firering@stbridespartners.co.uk) @stbridespartners.co.uk

                                           (mailto:firering@stbridespartners.co.uk)
 Susie Geliher / Oonagh Reidy

 

Notes to Editors:

 

Firering Strategic Minerals

Firering Strategic Minerals plc is an AIM-quoted mining company focused on
exploring and developing a portfolio of mines producing critical minerals in
the Côte d'Ivoire including lithium and columbite-tantalite to support the
global transition to net zero emissions. It operates the
Atex Lithium-Tantalum Project in northern Côte d'Ivoire, which is
prospective for both lithium and columbite-tantalite.  Firering intends to
advance development at Atex with a view to establishing pilot scale production
of tantalum and niobium production within 18 months to generate early revenues
and support further exploration work.  A large-scale coltan production
facility will be developed following pilot results, which will be supported by
a debt facility of FCFA 5,057,000,000 (approximately €7,500,000) currently
under negotiation to fund the entire scale-up plan to develop a portfolio of
ethically sourced mineral projects in the Côte d'Ivoire, supplying EV
batteries, high tech electronics and other fast-growing end markets.

 

 

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