RE: Pricing in another fundraise6 Jun 2025 13:19
🧐 24 March 2025 -Hmmmmh?
Firering Strategic Minerals Plc
("Firering", the "Company" or the "Group") (AIM:FRG)
Result of Placing and Subscription; Related Party Transactions; TVR
Firering, an exploration company focusing on strategic minerals, announces that, further to its announcement of 4.34 p.m. (London time) on Friday 21 March 2025, it has successfully completed and closed the Placing and Subscription to raise gross proceeds of c£2.014 million.
Result of the Placing
A placing agreement was entered into by the Company, Shard Capital Partners LLP ("Shard") and Greenwood Capital Partners Limited on 21 March 2025. The Placing has raised, in aggregate, gross proceeds of c£1.537 million through the placing of 43,916,054 new ordinary shares of €0.001 each ("Ordinary Shares") to certain investors at a price of 3.5 pence per share ("Placing Price"). The Placing Price represents a discount of approximately 7.9 per cent. to the Closing Price of 3.8 pence per Ordinary Share on 20 March 2025, being the latest practicable business day prior to the publication of last Friday's announcement.
Result of the Subscription
In addition, the Company has raised, in aggregate, gross proceeds of £477,000 through the conditional placing of 13,628,570 new Ordinary Shares in a Subscription at the Placing Price.
However, due to the demand for the Placing Shares, the Company has utilised substantially all of its current headroom in satisfying the issue of Placing Shares.
The Subscription for the Subscription Shares is subject to approval by shareholders of a resolution to increase the Company's share capital authorities in general meeting. It is expected that such authority will be sought at the Company's 2025 Annual General Meeting following publication of the Annual Report for the year ended 31 December 2024, though the Directors reserve the right to convene a general meeting ahead of that point.