Firering raises £2.5m to lift Limeco stake and strengthen capital base

An announcement from Firering Strategic Minerals Plc ( (GB:FRG) ) is now available.

Firering Strategic Minerals has raised £2.5 million through a placing and subscription of 250 million new shares at 1 pence each, equivalent to about 39.2% of its enlarged share capital, with certain directors participating as related parties. The net proceeds of approximately £2.34 million will primarily fund an additional 5.5% stake in Zambia-based Limeco, associated taxes, Limeco operations, potential exercise of the final option to reach 45% ownership, and general working capital, subject to shareholder approval at a 18 May general meeting and subsequent admission of the new shares and attached warrants to AIM.

The fundraising underpins Firering’s strategy to consolidate its position in one of the region’s largest prospective lime operations, which has recently reached breakeven, secured a first contract with a major copper producer and is preparing to bring additional kilns online. Successful completion would increase Firering’s exposure to Limeco’s quicklime production growth, while also regularising its capital structure by ratifying past share issues, expanding authorised share capital and granting the company further headroom for future equity issuances.

More about Firering Strategic Minerals Plc

Firering Strategic Minerals is an Africa-focused producer and developer of industrial and critical minerals, listed on AIM in London. Its near-term strategy centres on ramping up the Limeco quicklime project in Zambia, where it holds 36.2% with an option to rise to 45%, targeting mining, agricultural and industrial customers, alongside its Atex lithium-tantalum project in Côte d’Ivoire.

Average Trading Volume: 1,903,784

Technical Sentiment Signal: Sell

Current Market Cap: £5.09M

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