Business
Vision Blue Further Investment & Board Changes
Vision Blue Further Investment & Board Changes.
About this update from Ferro-alloy Resources Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 3062A\n Ferro-Alloy Resources Limited\n 01 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 1 June 2021\n \n \n Ferro-Alloy Resources Limited ('the Company' or 'FAR')\n \n \n Completion of Vision Blue Resources Initial Investment and Board Changes \n \n \n \n \n \n Highlights\n \n \n · \n Completion of the Initial Investment by Vision Blue Resources (\"Vision Blue\") as previously announced following completion of transaction formalities\n \n \n o \n A further US$1.6m investment, bringing the total invested to date by Vision Blue and its coinvestors to US$3.1m \n \n \n o \n Legal formalities completed and consent of the Kazakhstan Government to the issue of shares received - enabling the issue of shares to Vision Blue instead of convertible loan notes\n \n \n · \n Appointment of Sir Mick Davis as Chairman with effect from immediately after completion which is expected to occur on 3 June 2021\n \n \n · \n Appointment of Mr. Peet Nienaber as a Non-Executive Director with effect from \n from immediately after completion which is expected to occur on 3 June 2021\n \n \n o \n Former head of Xstrata Alloys - one of the worlds largest vanadium producers\n \n \n · \n Connection to high voltage power line completed - first power draw expected soon\n \n \n · \n Team established to progress and enhance\n \n the ongoing Balausa Project feasibility study \n \n \n \n \n \n \n \n \n Ferro Alloy Resources Limited (LSE: FAR), is pleased to announce the completion of the Initial Investment by Vision Blue as announced on 15 March 2021 following fullfillment of all necessary conditions. This triggers the receipt of a further investment of US$1.6m in addition to the investment of US$1.5m already made, bringing the total invested by Vision Blue and its coinvestors to date to US$3.1m. The investment is to be made by the issue of 12,769,558 ordinary shares in the Company (\"Shares\") and completion is expected to occur on 3 June 2021. \n \n \n \n \n \n The Subscription Agreement (announced on 15 March 2021) envisaged that this issue would initially be made ...