Hill Dickinson advises Firering Strategic Minerals on successful fundraise and strategic acquisition

Hill Dickinson’s Equity Capital Markets team has advised Firering Strategic Minerals plc on a placing, subscription, and retail offer, raising gross proceeds of approximately £2.1 million. Alongside this fundraise, Hill Dickinson also assisted Firering with a revised agreement to acquire an initial 20.5% interest in a Zambian limestone project. This was achieved by acquiring shares in Limeco Resources Limited for a total consideration of US$3,550,000. Under this agreement, Firering will have the option to acquire a further 24.5% interest in Limeco for an additional US$4,650,000.

The Hill Dickinson team advising Firering on the fundraise and the Limeco acquisition was led by partner Sam Hudson, with assistance from senior associate Natalia Fryda, associate Sanne Gerdsen, and trainee solicitor Mariam El Mir. Yuval Cohen, CEO of Firering, expressed delight over the updated agreement to acquire an initial 20.5% stake in Limeco Resources Limited, with the option for an additional 24.5%. He noted that this acquisition represents a significant step in their strategic plan to enhance their portfolio with high-value assets. The project, boasting vast limestone resources and quicklime production capabilities, positions Firering to capitalise on the increasing demand for quicklime, especially in the copper mining industry.

Cohen also thanked the investors for their support in the fundraise, which enables Firering to finance the acquisition of the 20.5% stake in Limeco, scale up the quicklime operation to full production, and advance the development of their other assets. He highlighted that the backing from investors is a testament to their confidence in the potential of Firering’s projects. Sam Hudson of Hill Dickinson commented that it was a pleasure to assist Firering with these transactions and wished them well in executing their strategy.

Firering Strategic Minerals plc (LON:FRG) is an AIM-quoted mining company focused on becoming a near-term cash generating producer of Quicklime, through their Limeco Project in Zambia, whilst at the same time progressing with the exploration and development of their Atex Lithium Project, Côte d’Ivoire.

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