Firering Strategic Minerals plc (LON:FRG), an emerging quicklime production and critical mineral exploration company, has provided a funding update as it fast-tracks its quicklime project in Zambia towards the start of phased commissioning in Q4 2024.
HIGHLIGHTS
· Prioritising non-dilutive funding options to maximise shareholder value.
· 18-month unsecured bridge loan notes (the ” Bridge Loan”) of up to £1,000,000:
o Accrues interest at 15% per annum, payable semi-annually.
o Strong participation from existing shareholders.
· Subscriptions received for the first tranche of £850,000 under the Bridge Loan to complete the 6.7% acquisition instalment of Limeco (of $1,016,667) due by 31 December 2024.
· Company has submitted a loan application to a prominent Zambian bank with the goal of securing funds to complete the entire Limeco acquisition to take Firering’s interest to 45% and to repay the Bridge Loan.
· Limeco is already generating positive operational cash flow and the quicklime production coming on stream has the potential to deliver significant additional cash flow.
