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Firering, an exploration and development company focusing on strategic minerals, announces its intention to raise gross proceeds of approximately £680,000 by means of a placing of new ordinary Shares of €0.001 each (“Placing Shares”) to certain institutional and other investors at a price of 6.5 pence per share (the “Placing Price”).

The Placing Price represents a discount of approximately 4.13 per cent. to the Closing Price of 6.78 pence per Ordinary Share on 19 September 2023, being the latest practicable business day prior to the publication of this Announcement.

The Placing is to be conducted by way of an accelerated bookbuild process (“Bookbuild”) which will commence immediately following this Announcement and will be subject to the terms and conditions set out in Appendix II to this Announcement.

A further announcement confirming the closing of the Bookbuild and the number of Placing Shares is to be issued pursuant to the Placing is expected to be made in due course.

Capitalised terms used but not otherwise defined in this Announcement shall have the meanings ascribed to such terms in Appendix I of this Announcement, unless the context requires otherwise.

Placing Highlights

·       The Company intends to raise approximately £680,000 before expenses through the Placing arranged by Optiva Securities Limited (“Optiva” or “the Bookrunner“) by way of the issue of approximately 10,461,538 Placing Shares at the Placing Price.

·       Placing to be conducted via an accelerated bookbuild process launching today.

·       Certain directors of the Company, together with their related parties, have confirmed their intention to subscribe for Ordinary Shares at the Placing Price by funding an additional minimum of £70,000 (the ” Intended Subscription”). As the Company is currently in a close period under MAR until the publication of its interim results for the period from 1 January 2023 to 30 June 2023 (“Interim Results”), the Directors are not permitted to enter into a subscription agreement until after publication of the Interim Results (and subject to each not being in possession of any other unpublished price sensitive information at such time). It is expected that the Interim Results will be published before the end of September 2023, and the Directors and their related parties intend to participate in the Intended Subscription once able to do so. Such subscriptions will fall to be treated as related party transactions under Rule 13 of the AIM Rules for Companies.

·       The net proceeds of the Fundraise will be used to:

·      Further define identified pegmatite targets via a 5,000 metre auger drilling campaign at the Atex Lithium-Tantalum Project (“Atex”);

·      Fund the start of a 3,000 metre Reverse Circulation (“RC”) drilling campaign to increase the understanding of the new six pegmatites identified in Part 1 of Phase II auger drilling;

·      Laser Induced Breakdown Spectrometry (“LIBS”) soil sampling;

·      Financing a team of technical experts to support Limeco Resources Limited (“Limeco”), owner of a Limestone project in Zambia in which Firering has an option to acquire up to 28.33% (RNS: 17 August 203), for the gradual upgrade of 8 kilns, with two kilns expected to be commissioned during Q1 2024; and

·      Fund Working Capital requirements.

The Placing

The Company intends to issue approximately 10,461,538 Placing Shares, to raise gross proceeds of approximately £680,000, to participants in the Placing. The Placing Shares are expected to be admitted to trading on AIM on or around 27 September 2023.

Optiva Securities Limited, is acting as bookrunner in connection with the Placing. The Placing Shares are being offered by way of an accelerated bookbuild (the “Bookbuild”), which will be launched immediately following this Announcement in accordance with the terms and conditions set out in Appendix II to this Announcement.

Admission of the Placing Shares is conditional, inter alia, upon a placing agreement which will be entered into between the Company and the Bookrunner (the “Placing Agreement”) not having been terminated and becoming unconditional in respect of such shares.

The Placing is conditional upon, amongst other things:

•      Admission of the Placing Shares becoming effective by no later than 8.00 a.m. on 27 September 2023 (or such later time and / or date as the Company and the Bookrunner shall agree, not being later than 6 October 2023);

•      the delivery by the Company to the Bookrunner of certain documents required under the Placing Agreement;

•      the Company having fully performed its obligations under the Placing Agreement to the extent that such obligations fall to be performed prior to Admission of the Placing Shares; and

•      the Placing Agreement not having been terminated by the Bookrunner in accordance with its terms.

The timing of the closure of the Bookbuild and the allocation of the Placing Shares to be issued at the Placing Price are to be determined at the discretion of the Company and the Bookrunner.

The Placing will not be conditional on the Intended Subscription, which is expected to occur following completion of the Placing.

Admission to trading

Application will be made to the London Stock Exchange for Admission of the Placing Shares to trading on AIM. It is expected that Admission will become effective and dealings in the Placing Shares will commence at 8.00 a.m. on or around 27 September 2023.

A further announcement will be made following the closure of the Bookbuild, confirming final details of the Placing.

The Placing is not being underwritten and the Placing is not conditional on a minimum amount being raised.

For further information on the Company, please visit www.fireringplc.com  or contact:

​Proposed Placing – 18:33:03 20 Sep 2023 – FRG News article | London Stock Exchange