Fed Governor Adriana Kugler to resign
LONDON - Firering Strategic Minerals plc (AIM:FRG) has secured £1.01 million through a placing and subscription of 67.3 million new ordinary shares at 1.5 pence per share, the company announced Wednesday.
The funds will enable Firering to exercise the first two tranches of its option to increase its stake in Limeco Resources Limited, a quicklime producer in Zambia. The company plans to immediately exercise the first tranche by July 31, which will increase its interest from 20.5% to 26.9%.
Shard Capital Partners (WA:CPAP) LLP acted as sole broker for the placing, which raised £715,000 through 47.7 million shares. The subscription component raised £295,000 through 19.7 million shares.
Firering also provided an operational update on Limeco’s quicklime production facility, located 22km west of Lusaka. Kiln 1 recently completed 70 consecutive days of uninterrupted production before being temporarily taken offline for infrastructure upgrades to improve output. The company expects the kiln to resume operations in early August.
"Since refiring Kiln 1 on 10 May 2025, we achieved 70 consecutive days of uninterrupted production, our longest continuous run to date," said Yuval Cohen, Chief Executive Officer of Firering.
Refurbishment of Kiln 2 commenced in July, with hot commissioning expected by early Q4 2025. The company completed its first commercial sale in June, delivering 90 tonnes of quicklime to a client in Zimbabwe.
Discussions with a Zambian bank regarding debt financing to further increase Firering’s stake in Limeco are ongoing and expected to be finalized once daily output consistently meets required levels.
The company’s chairman, Youval Rasin, and director Shai Kol have indicated intentions to subscribe for up to £125,000 and £50,000 of shares respectively.
Upon admission of the new shares, Firering’s issued ordinary share capital will consist of 311.7 million shares. The information in this article is based on a company press release.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.