TIDMFAR
RNS Number : 2914T
Ferro-Alloy Resources Limited
14 November 2023
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").
14 November 2023
Ferro-Alloy Resources Limited
("Ferro-Alloy" or the "Group" or the "Company")
Conversion of Vision Blue Resources Loan Notes
Issue of Equity
Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer
and developer of the large Balasausqandiq vanadium deposit in
Southern Kazakhstan , is pleased to announce the conversion of the
outstanding convertible loan notes held by Vision Blue Resources
Limited ("VBR") into 33,520,088 ordinary shares of no par value
("Ordinary Shares") in the Company.
Background
As previously announced on 15 September 2022, the Company
executed a US$6,700,000 convertible loan note instrument (the "2022
CLN Instrument") and issued US$4,200,000 of nil rate convertible
loan notes (the "2022 Loan Notes") to VBR (on substantially similar
terms to the 2021 loan note instrument and the loan notes that
formed part of the initial investment financing between VBR and the
Company as announced on 28 June 2021).
The Company has received notice from VBR under the terms of the
2022 CLN Instrument to convert the 2022 Loan Notes into Ordinary
Shares (the "Conversion Shares") in the Company.
Following the issue of the Conversion Shares, there are no
further convertible instruments outstanding in the Company, other
than under the Company's share option scheme.
Admission
Applications will be made to the Financial Conduct Authority for
the Conversion Shares to be admitted to the standard listing
segment of the Official List and to the London Stock Exchange for
the Conversion 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
Conversion Shares will commence at or around 8.00 a.m. on 20
November 2023. The Conversion Shares will rank pari passu with the
existing Ordinary Shares in issue. The Conversion Shares will
represent approximately 6.9 per cent. of the Company's enlarged
issued share capital in aggregate on Admission (assuming no other
issuance of Ordinary Shares prior to Admission).
Following the conversion of the loan notes for the new Ordinary
Shares, VBR will hold 111,071,783 Ordinary Shares representing
22.99 per cent. of the issued share capital of the Company.
Total Voting Rights
Following Admission of the Conversion Shares the Company's
issued ordinary share capital will comprise 483,222,238 Ordinary
Shares, with none held in treasury, and therefore, the total number
of Ordinary Shares in the Company with voting rights will be
483,222,238. 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.
For further information, visit www.ferro-alloy.com or contact:
Ferro-Alloy Resources Nick Bridgen (CEO) info@ferro-alloy.com
Limited / William Callewaert
(CFO)
Shore Capital Toby Gibbs/Lucy Bowden
(Joint Corporate Broker) +44 207 408 4090
Liberum Capital Limited Scott Mathieson/Kane
(Joint Corporate Broker) Collings +44 20 3100 2000
------------------------ ---------------------
St Brides Partners
Limited
(Financial PR & IR Catherine Leftley/Ana
Adviser) Ribeiro +44 207 236 1177
------------------------ ---------------------
The notification below, m ade in accordance with the
requirements of the UK Market Abuse Regulation, provides further
detail .
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name Vision Blue Resources Limited
-------------------------- --------------------------------------------------
Reason for the notification
2
------------------------------------------------------------------------------
a) Position/status Vision Blue Resources Limited is
a PCA of Ferro Alloy Resources Limited's
Chairman, Sir Mick Davis, who is
a person discharging managerial responsibilities
-------------------------- --------------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- --------------------------------------------------
Details of the issuer, emission allowance market participant,
3 auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a) Name Ferro Alloy Resources Limited
-------------------------- --------------------------------------------------
b) LEI 2138003T5CF6U9W7Z780
-------------------------- --------------------------------------------------
Details of the transaction(s): section to be repeated
4 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 Conversion of 2022 Convertible Loan
financial instrument, Notes for Ordinary Shares
type of instrument
ISIN: GG00BGDYDZ69
Identification code
-------------------------- --------------------------------------------------
b) Nature of the transaction Conversion of 2022 Convertible Loan
Notes
-------------------------- --------------------------------------------------
c) Price(s) and volume(s) Price Volume
9 pence 33,520,088
-----------
-------------------------- --------------------------------------------------
d) Aggregated information
- Aggregated volume Aggregated volume: N/A
- Price Aggregated price: N/A
-------------------------- --------------------------------------------------
e) Date of the transaction 13 November 2023
-------------------------- --------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- --------------------------------------------------
About Ferro-Alloy Resources Limited:
The Company's operations are all located at the Balasausqandiq
deposit in Kyzylordinskoye 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 vanadium concentrate processing operation (the
"Existing Operation")
Balasausqandiq is a very large deposit, with vanadium as the
principal product together with several by-products. Owing to the
nature of the ore, the capital and operating costs of development
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% V(2) O(5) equating to 203,364
contained tonnes of vanadium pentoxide ("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 Project will be developed in two stages, Stage 1 and Stage
2, treating 1m tonnes per year and an additional 3m tonnes per
year. Production will be some 5,600 tonnes of V(2) O(5) from Stage
1, rising to 22,400 tonnes V(2) O(5) after Stage 2 is
commissioned.
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.
The existing operation is located on the same site and uses some
of the same infrastructure as the Project, but is a separate
operation which will continue in parallel with the development and
operation of the Project.
About Vision Blue Resources Limited:
Vision Blue was founded in December 2020 by Sir Mick Davis to
create a portfolio of strategic and high returning investments in
clean energy related metal and mineral resource companies essential
to the clean energy transition.
Vision Blue invests in undervalued and undercapitalised mining
and processing companies in established mining jurisdictions that
are strategically important for customers; with well defined,
advanced, scalable assets and committed management; that have low
logistics, processing and technological risks with a clear path to
new or expanded production; that have direct exposure to clean
energy generation, storage and related infrastructure; and that are
implementing a best-in-class ESG framework.
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END
IOENKNBDOBDDQDD
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