Ferro-Alloy Resources Limited Issue of Ordinary Shares & Total Voting Rights (4396I)
03 Abril 2020 - 12:00AM
UK Regulatory
TIDMFAR
RNS Number : 4396I
Ferro-Alloy Resources Limited
03 April 2020
3 April 2020
Ferro-Alloy Resources Limited
Issue of Ordinary Shares & Total Voting Rights
Ferro-Alloy Resources Limited (the "Company") (LSE: FAR) has
allotted and issued 500,000 new fully paid ordinary shares of no
par value in the Company ("Ordinary Shares") to a financial
services provider in consideration for their retained services.
Applications has been made to the FCA and to the London Stock
Exchange for the 500,000 new Ordinary Shares to be admitted to the
standard segment of the Official List of the FCA and to trading on
the London Stock Exchange's Main Market for listed securities
respectively ("Admission"). It is expected that Admission will
become effective at 8:00 a.m. on 6 April 2020 . The new Ordinary
Shares will rank pari passu in all respects with the existing
Ordinary Shares in issue.
Following Admission, the Company will have in issue a total of
313,478,848 Ordinary Shares. The Company does not hold any Ordinary
Shares in treasury. Therefore, following Admission, the total
number of voting rights in the Company will be 313,478,848 which
may be used by shareholders or other persons as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change to their interest in, the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
For further information, visit www.ferro-alloy.com or
contact:
Ferro-Alloy Resources Limited
Nick Bridgen, Chief Executive Officer info@ferro-alloy.com
Shore Capital (Broker)
Corporate Advisory: Toby Gibbs / Mark Percy / John More Tel: +44 (0)207 408 4090
Corporate Broking: Jerry Keen
St Brides Partners Limited (Financial PR & IR Adviser)
Catherine Leftley / Prit Piip Tel: +44 (0)207 236 1177
Further information about Ferro-Alloy Resources Limited
The Company's operations are all located at the Balasausqandiq
Deposit in Kyzylordinskaya Oblast in the South of Kazakhstan.
Currently the Company has two main business activities:
a) the high grade Balasausqandiq Vanadium Project (the "Project"); and
b) an existing profitable vanadium concentrate processing operation (the "Existing Operation")
Balasausqandiq is a very large deposit, situated in
Kyzylordinskaya Oblast in Southern Kazakhstan. The ore contains
vanadium as the principal product, together with by-products of
carbon, molybdenum, uranium, rare earth metals, potassium, and
aluminium.
A reserve on the JORC 2012 basis has been estimated only the
first ore-body number which amounts to 23 million tonnes, not
including the small amounts of near-surface oxidised material which
is in the Inferred resource category. In the system of Reserve
estimation used in Kazakhstan the Reserves are estimated to be over
70m tonnes in ore-bodies 1 to 5 but this does not include the full
depth of ore-bodies 2-5.
There is an additional existing concentrate processing operation
is situated at the site of the Balasausqandiq Deposit. The
production facilities were originally created from a 15,000 tonnes
per year pilot plant which was then adapted to treat low-grade
concentrates and is now in the process of being expanded and
further adapted to treat a wider variety of raw-materials.
The Company has already completed the first steps of a
development plan which is expected to result in annualised
production capacity increasing gradually to around 1,500 tonnes of
contained vanadium pentoxide. The development plan includes
upgrades to infrastructure, an extension to the existing factory
and the installation of equipment to increase the throughput and to
add the facilities to convert AMV into vanadium pentoxide.
The strategy of the Company is to develop both the Existing
Operation and the Project in parallel. Although they are located on
the same site and use some of the same infrastructure, they are
separate operations.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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April 03, 2020 02:00 ET (06:00 GMT)
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