Firering Extends Bridge Loan Notes to Support Limeco Expansion

Firering Strategic Minerals Plc ( (GB:FRG) ) has shared an announcement.

Firering Strategic Minerals has extended the maturity of its existing £805,278 bridge loan notes by one year to 15 May 2027, maintaining a 15% annual interest rate with semi-annual payments and introducing a minimum early repayment return and a 5% one-off arrangement fee for noteholders. The move, approved by a supermajority of noteholders and formalised via deed poll, is designed to bolster financial flexibility as the Limeco project scales up, though it also slightly increases financing costs and involves related-party participation by several directors, which has been deemed fair and reasonable by the company’s independent director and adviser.

Certain directors, including Chairman and Interim CEO Youval Rasin, participated in the original bridge loan, making the amended terms a related-party transaction under AIM rules. The independent director, after consulting the company’s nominated adviser, concluded that the revised conditions for these directors are fair to shareholders, suggesting governance oversight remains intact even as Firering leans on insider support to finance its growth trajectory at Limeco and other strategic assets.

More about Firering Strategic Minerals Plc

Firering Strategic Minerals plc is an Africa-focused producer and developer of industrial and critical minerals, listed on AIM and operating in the mining sector. Its near-term priority is ramping up output at the Limeco lime project in Zambia, where it holds a significant minority stake and aims to serve mining, agricultural and industrial customers, alongside advancing the Atex Lithium-Tantalum Project in Côte d’Ivoire.

Average Trading Volume: 2,255,764

Technical Sentiment Signal: Sell

Current Market Cap: £4.19M

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