Liberum acts as Joint Bookrunner on £8.6m Fundraising for Ferro-Alloy Resources Limited
We are pleased to announce that Liberum acted as Joint Bookrunner on a £8.6m ($10.0m) fundraising (the “Fundraising”) for Ferro-Alloy Resources Limited (the “Company”) consisting of 72,025,351 new ordinary shares issued at 12p (the “Issue Price”).
The Fundraising consisted of an institutional placing (the “Placing”), director subscriptions (the “Subscriptions”) and a retail offer through PrimaryBid for £0.4m ($0.5m) (the “PrimaryBid Offer”). The Placing received strong demand from high-quality institutional investors and the PrimaryBid Offer was oversubscribed.
Vision Blue Resources Limited (“VBR”), the Group’s strategic investor and substantial shareholder, corner-stoned the Placing by subscribing for 39,243,021 Ordinary Shares. Nicholas Bridgen, Chief Executive Officer of the Company, and Chris Thomas, Non-Executive Director of the Company, subscribed for 4,041,666 ordinary shares in aggregate.
The net proceeds of the Fundraising will be used by the Company to complete the expanded Balasausqandiq feasibility study as quickly as possible and to the maximum scope and quality.
Liberum and Shore Capital acted as Joint Bookrunners on the transaction.
Liberum has been Joint Broker to the Company since February 2022.
Investment Banking – Scott Mathieson, Kane Collings, Will King
Research – Yuen Low
Sales – Simon Fickling
CIR – Nicole Barbour