Business
Further Investment of US$7 million by Vision Blue
Further Investment of US$7 million by Vision Blue.
About this update from Ferro-alloy Resources Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 2351D\n Ferro-Alloy Resources Limited\n 28 June 2021\n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 which is part of \n \n \n UK law by virtue of the European Union (Withdrawal) Act 2018.\n \n \n \n 28 June 2021\n \n \n Ferro-Alloy Resources Limited ('the Company' or 'FAR')\n \n \n Further Investment of US$7 million by Vision Blue Resources\n \n \n PDMR Notification\n \n \n \n \n \n Ferro Alloy Resources Limited (LSE: FAR), \n the vanadium mining and processing company with operations based in Southern Kazakhstan,\n \n is pleased to announce\n \n that the Company has today received notice of further investment of US$7 million (the 'Investment') by Vision Blue Resources Limited ('Vision Blue') \n under the Subscription Agreement entered into, as announced on 15 March 2021 and amended on 1 June 2021. \n \n \n \n \n \n Highlights\n \n \n · \n Further investment by Vision Blue of US$7 million under the Subscription Agreement comprising:\n \n \n o \n US$2.8 million by way of the issue of 22,346,726 ordinary shares in the Company to Vision Blue ('New Ordinary Shares') at a pre agreed price of 9 pence per Ordinary Share; and\n \n \n o \n US$4.2 million by way of the issue of convertible loan notes ('CLN') to Vision Blue which have today been issued and which will convert in accordance with the Subscription Agreement into 33,520,088\n \n \n \n Ordinary Shares in due course\n \n \n · \n The Investment will bring the total invested to date by Vision Blue and its co-investors to US$10.1 million \n \n \n · \n The Investment comes on an accelerated timetable which will enable the expansion of the Feasibility Study as well as improvements on site to the existing operations.\n \n \n \n \n \n \n Nick Bridgen, CEO, commented: \n \n \"Accelerating the US$7 million tranche of investment is a vote of confidence in our project by our strategic investor Vision Blue Resources. With this accelerated investment, the plant improvements we have already made, the improved product prices and at last, good deliveries of raw materials, we are now in a strong position to realise the benefits of the hard work undertaken in the last few years and look forward to the next chapter with...