REG - Firering Strategic - $AUD 1m Share Consideration Received from Ricca

Firering Strategic MineralsAnnouncement

14/03/2024 07:00

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RNS Number : 7769G  Firering Strategic Minerals PLC  14 March 2024

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

 

14 March 2024

Firering Strategic Minerals Plc

 ("Firering" or the "Company")

$AUD 1m Share Consideration Received from Ricca

Firering, an exploration company focusing on critical minerals, is pleased to
announce that it has received 20,000,000 shares ("Ricca Shares") in Ricca
Resources Limited ("Ricca") at an issue price of AUD$0.05 with a value of
AUD$1.0m.

This share issue is part of the initial consideration following the $US18.6
million binding and definitive earn in agreement (the "Agreement") announced
on 2 November 2022 to advance the Atex Lithium-Tantalum Project and the
adjacent Alliance exploration licence (once granted) in Côte d'Ivoire.

The Ricca Shares have been issued pursuant to the Agreement following Ricca
not having completed an IPO on the ASX by 31 December 2023. The Ricca Shares
were issued at a Ricca pre money valuation of c.AUD$7.96 million, representing
its value at its most recent funding round in May 2023. Following the
settlement Firering holds 20,00,000 shares in Ricca which represents c.11.2%%
of Ricca's issued share capital.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

*** ENDS ***

 

For further information and updates on Firering's exploration programme, visit
www.fireringplc (http://www.fireringplc) .com or contact the following:

 

 Firering Strategic Minerals                     Tel: +44 20 7236 1177

 Yuval Cohen

 Vassilios Carellas

 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

 Joint Broker

 Christian Dennis / Daniel Ingram

 Shard Capital Partners LLP                      Tel : +44 207 186 9950

 Joint Broker

 Damon Heath/ Erik Woolgar

                                                 T: +44 20 7236 1177

 St Brides Partners Limited                      E: firering (mailto:firering@stbridespartners.co.uk) @stbridespartners.co.uk

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

 Ana Ribeiro / Susie Geliher / Isabelle Morris

 

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 strategic minerals in
Côte d'Ivoire, specifically lithium and tantalum, 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
tantalum.  Firering's main focus is to advance development at Atex with a
view to establishing a maiden lithium resource and then progressing a Lithium
project through to DFS.  Firering is also assessing pilot scale production of
ethically sourced tantalum and niobium to generate early revenues and support
further exploration work.  Should pilot production be successful, a
large-scale tantalum production facility may be developed, 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.  Firering also has an option to acquire up to 28.33% of Limeco
Resources Limited which is commissioning a lime plant in Zambia.

 

Forward-Looking Statements

This announcement may contain some references to forecasts, estimates,
assumptions and other forward-looking statements. Although the Company
believes that its expectations, estimates and forecast outcomes are based on
reasonable assumptions, it can give no assurance that they will be achieved.
They may be affected by a variety of variables and changes in underlying
assumptions that are subject to risk factors associated with the nature of the
business, which could cause actual results to differ materially from those
expressed herein.

 

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