Firering Strategic Minerals expands Limeco quicklime project with key funding moves

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.

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