TIDMFRG
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THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT
FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY,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
GBP756,000 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 GBP70,000 (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 % of Existing Number of
Existing Ordinary Ordinary Ordinary
Shares Share Capital shares to
be subscribed
for
Non-Executive
Youval Rasin Chairman 12,610,000 14.15% 384,615
--------------------------- ------------------- --------------- ---------------
Senior Independent
Non-Executive
Neil Herbert Director 1,455,371 1.63% 384,615
--------------------------- ------------------- --------------- ---------------
Yehoshua Shai Chief Financial
Kol Officer 6,990,000 7.85% 153,846
--------------------------- ------------------- --------------- ---------------
Vassilios Independent Non-Executive
Carellas 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 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 @stbridespartners.co.uk
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END
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