REG - Firering Strategic - Result of Placing and TVR

Firering Strategic MineralsAnnouncement

21/09/2023 07:00

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RNS Number : 1361N  Firering Strategic Minerals PLC  21 September 2023

 

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION,
RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA
OR NEW ZEALAND OR IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A BREACH OF ANY APPLICABLE LAW OR REGULATION.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF
CONSTITUTE A PROSPECTUS OR OFFERING MEMORANDUM OR AN OFFER FOR SALE OR
SUBSCRIPTION IN RESPECT OF ANY SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT
DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMENDATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE
OF ANY SECURITIES OF FIRERING STRATEGIC MINERALS PLC IN ANY JURISDICTION WHERE
TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 AS IT FORMS PART OF UK DOMESTIC LAW PURSUANT TO THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

21 September 2023

Firering Strategic Minerals Plc

("Firering", the "Company" or the "Group") (AIM:FRG)

 

Result of Placing and TVR

 

Firering, an exploration and development company focusing on strategic
minerals, announces that, further to its announcement of 6.33 p.m. (London
time) yesterday, it has successfully completed and closed the Placing (the
"Placing").

 

Result of the Placing

A placing agreement was entered into by the Company and Optiva Securities
Limited ("Optiva") on 20 September 2023. The oversubscribed Placing has
raised, in aggregate, gross proceeds of £756,000 through the placing of
11,630,769 new Ordinary Shares to certain investors at a price of 6.5 pence
per share. The Placing Price represents a discount of approximately 4.13 per
cent. to the Closing Price of 6.78 pence per Ordinary Share on 19 September
2023, being the latest practicable business day prior to the publication of
yesterday's announcement.

 

Intended Subscriptions

Certain directors of the Company, together with their related parties, have
confirmed their intention to subscribe for approximately 1,076,922 Ordinary
Shares at the Placing Price by funding an additional approximate £70,000 (the
" Intended Subscription"). As the Company is currently in a close period under
MAR until the publication of its interim results for the period from 1 January
2023 to 30 June 2023 ("Interim Results"), the Directors are not permitted to
enter into a subscription agreement until after publication of the Interim
Results (and subject to each not being in possession of any other unpublished
price sensitive information at such time). It is expected that the Interim
Results will be published before the end of September 2023, and the Directors
and their related parties intend to participate in the Intended Subscription
once able to do so. Such subscriptions will fall to be treated as related
party transactions under Rule 13 of the AIM Rules for Companies.

 

The following Directors intend to participate in the Intended Subscription in
the following amounts:

 

 Name                Position                                   Holding of Existing Ordinary Shares  % of Existing Ordinary Share Capital  Number of Ordinary shares to be subscribed for
 Youval Rasin        Non-Executive Chairman                     12,610,000                           14.15%                                384,615
 Neil Herbert        Senior Independent Non-Executive Director  1,455,371                            1.63%                                 384,615
 Yehoshua Shai Kol   Chief Financial Officer                    6,990,000                            7.85%                                 153,846
 Vassilios Carellas  Independent Non-Executive Director         Nil                                  Nil                                   153,846

 

 

A further announcement will be made as and when the Intended Subscription is
completed.

Issue of Warrants

 

The Company has issued 581,538 warrants to subscribe for ordinary shares to
Optiva, subject to Admission, as part of their fee arrangements. The warrants
have an exercise price of 6.5 pence per share and an exercise period ending 3
years from the date of Admission.

 

Admission and Total Voting Rights

Application will be made to the London Stock Exchange for admission of the
11,630,769 Placing Shares to trading on AIM. It is expected that admission
will become effective and dealings in the Placing Shares will commence on AIM
at 8.00 a.m. on 27 September 2023 (or such later date as may be agreed between
the Company and the Bookrunner, but no later than 6 October 2023).

The Placing Shares will be issued fully paid and will rank pari passu in all
respects with the Company's existing Ordinary Shares.

Following Admission, the total number of Ordinary Shares in the capital of the
Company in issue will be 100,729,041 with voting rights. This figure may be
used by shareholders 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's issued share capital pursuant to the
Company's Articles.

Capitalised terms used but not otherwise defined in this announcement shall
have the meanings ascribed to such terms in the Company's announcement made at
6.33 p.m. on 20 September 2023, unless the context requires otherwise.

For further information on the Company, please visit www.fireringplc.com
(http://www.fireringplc.com)  or contact:

Firering Strategic Minerals

Yuval Cohen

Vassilios Carellas

Tel: +44 20 7236 1177

SPARK Advisory Partners Limited

Nominated Adviser

Neil Baldwin / James Keeshan / Adam Dawes

Tel: +44 20 3368 3550

 

Optiva Securities Limited

Broker

Christian Dennis / Daniel Ingram

Tel: +44 20 3137 1903

St Brides Partners Limited

Financial PR

Ana Ribeiro / Susie Geliher / Isabelle Morris

T: +44 20 7236 1177

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

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