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19 May 2026 10:49
Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining
19 May 2026
Firering Strategic Minerals plc
("Firering" or the "Company")
Extension to Bridge Loan Notes; Related Party Transactions
Firering Strategic Minerals plc (AIM: FRG), an emerging producer and developer of industrial and critical minerals, announces that it has agreed amendments to its existing £805,278 bridge loan notes issued in November 2024 (the "Bridge Loan Notes") (see RNS dated 15 November 2024).
The amendments are as follows: 1) the repayment date of the Bridge Loan Notes is extended from 15 May 2026 to 15 May 2027; 2) the interest on the Bridge Loan Notes will continue to accrue interest at 15% per annum with interest payable semi-annually, and a minimum 7.5% return to holders of Bridge Loan Notes ("Noteholders") should the Bridge Loan Notes be repaid early within the next 6 months; and 3) payment of a one-off arrangement fee to Noteholders equal to 5 per cent. of the aggregate principal amount of the Bridge Loan Notes, payable on or before 31 May 2026. All other terms of the Bridge Loan Notes remain unchanged.
Any material amendment to the terms of the Bridge Loan Notes requires the approval of at least 75% of Noteholders. Such consent having been obtained, the Company has executed a deed poll to give effect to the amendments set out above and consequentially they are binding on all Noteholders.
Youval Rasin, Chairman and Interim CEO of Firering, commented: "The Board appreciates the continued support of its Noteholders, with the amended terms providing the Company with additional financial flexibility as its key asset, Limeco, continues to scale production and advance towards its next phase of operational growth."
Related Party Transactions
Certain directors of the Company, being Youval Rasin, Shai Kol and Vassilios Carellas (the "Participating Directors"), together with persons closely associated, participated in the original Bridge Loan Notes issued in November 2024, as set out below:
Name of Director | Notes Held (£) |
Youval Rasin | £50,000 |
Shai Kol | £25,000 |
Vassilios Carellas | £37,500 |
The amendments to the terms of the Bridge Loan Notes in respect of the Participating Directors constitute related party transactions pursuant to AIM Rule 13 of the AIM Rules for Companies.
The independent Director for the purposes of these related party transactions, being Remy Welschinger, considers, having consulted with SPARK Advisory Partners Limited, the Company's nominated adviser, that the terms of the amendments to the Bridge Loan Notes relating to the Participating Directors are fair and reasonable insofar as Shareholders are concerned.
ENDS
For further information visit www.fireringplc.com or contact:
Firering Strategic Minerals Youval Rasin | E: info@firering-holdings.com |
SPARK Advisory Partners Limited (Nominated Adviser) Neil Baldwin / James Keeshan | T: +44 20 3368 3550
|
Shard Capital Partners LLP (Joint Broker) Damon Heath / Erik Woolgar | T: +44 20 7186 9950 |
St Brides Partners Limited (Financial PR) Isabel de Salis / Susie Geliher | E: firering@stbridespartners.co.uk |
Notes
Firering Strategic Minerals plc (AIM: FRG) is an Africa-focused producer and developer of industrial and critical minerals. The Company's near-term focus is the ramp-up of production at the Limeco project in Zambia, where Firering holds a 36.2% interest with an option to increase this to 45%. Once fully optimised, Limeco is expected to be among the largest lime operations in the region, supplying a range of mining, agricultural and industrial customers. Firering's portfolio also includes the highly prospective Atex Lithium-Tantalum Project in northern Côte d'Ivoire.
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