Ferro-Alloy Resources fundraise via PrimaryBid

Ferro-Alloy Resources Ltd (LON:FAR), the listed vanadium mining and processing company with operations based in Southern Kazakhstan, has announced a conditional offer for subscription via PrimaryBid (the “PrimaryBid Offer”) for up to, in aggregate, $500,000 comprising up to 3,601,267 new Ordinary Shares of no par value in the Company (“Retail Shares”) at an issue price of 12 pence per Retail Share (the “Issue Price”), being a discount of 18 per cent to the closing mid-price on 14 September 2022. The Company is also conducting a placing of new Ordinary Shares (the “Placing Shares”) at the Issue Price by way of an accelerated bookbuild process (the “Placing”) and direct subscriptions (the “Subscription”), together with Placing and PrimaryBid Offer, the (“Fundraising”) as was announced earlier today.

Overview

·   The Issue Price for the Retail Shares is 12 p per Retail Share, representing a discount of 18 per cent to the closing mid-price on 14 September 2022;

·   The Retail Shares will be issued at the same price as the Placing Shares;

·   Investors can access the PrimaryBid Offer by visiting www.primarybid.com and downloading the PrimaryBid mobile app;

·   Investors can also take part through PrimaryBid’s extensive network of retail brokers, wealth managers and investment platforms. Subscriptions through these partners can be made from tax efficient savings vehicles such as ISAs or SIPPs, as well as General Investment Accounts (GIAs);

·   There is a minimum subscription of £250 per investor in the PrimaryBid Offer; and

·   No commission is charged by PrimaryBid on applications to the PrimaryBid Offer.

Further Information

The Fundraising is conditional on the new Ordinary Shares to be issued pursuant to the Fundraising being admitted to the standard listing segment of the Official List of the Financial Conduct Authority and admitted to trading on the main market for listed securities of London Stock Exchange plc (“Admission“). It is expected that Admission will become effective at 8.00 a.m. on 23 September 2022 and that dealings in the Retail Shares will commence at that time.

The PrimaryBid Offer is conditional upon the Placing occurring and, accordingly, the PrimaryBid Offer will not proceed if the Placing does not also proceed.

The Company will use the proceeds of the Fundraising to secure sufficient funding so that the expanded Balasausqandiq feasibility study can be completed as quickly as possible, with the maximum scope and quality, regardless of the potential impact of supply chain issues the Company has been experiencing as a result of the geopolitical climate and the residual impact of Covid-19.

Reason for the PrimaryBid Offer

The Company values its retail investor base and is therefore pleased to provide retail and other investors the opportunity to participate in the PrimaryBid Offer by applying through the PrimaryBid mobile app available on the Apple App Store and Google Play. Investors may also be able to subscribe to the PrimaryBid Offer using their ISAs, SIPP or GIA by contacting their retail broker, wealth manager or investment platform. PrimaryBid does not charge investors any commission for these services.

Brokers wishing to offer their customers access to the PrimaryBid Offer, and future PrimaryBid transactions, should contact partners@primarybid.com.

The PrimaryBid Offer, via the PrimaryBid mobile app, will be open to individual and institutional investors following the release of this announcement. The PrimaryBid Offer is expected to close at 2p.m. on 15 September 2022.  The PrimaryBid Offer may close early if it is oversubscribed.

The Company reserves the right to scale back any order at its discretion. The Company and PrimaryBid reserve the right to reject any application for subscription under the PrimaryBid Offer without giving any reason for such rejection.

No commission is charged to investors on applications to participate in the PrimaryBid Offer made through PrimaryBid.  It is vital to note that once an application for Retail Shares has been made and accepted via PrimaryBid, an application cannot be withdrawn.

For further information on PrimaryBid or the procedure for applications under the PrimaryBid Offer, visit www.PrimaryBid.com or email PrimaryBid at enquiries@primarybid.com. 

The Retail Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Company’s existing Ordinary Shares.

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