Business
Acquisition of 51% of Alliance Share Capital
Acquisition of 51% of Alliance Share Capital.
About this update from Firering Strategic Minerals Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0418V\n Firering Strategic Minerals PLC\n 09 December 2021\n \n \n \n \n Firering Strategic Minerals plc / EPIC: FRG / Market: AIM / Sector: Mining\n \n \n \n \n \n 9 December 2021\n \n \n Firering Strategic Minerals plc (\"Firering\" or \"the Company\")\n \n \n Acquisition of 51% of Alliance Issued Share Capital \n \n \n \n \n \n Firering Strategic Minerals, an exploration company focusing on critical minerals, is pleased to announce, as expected, it has executed the acquisition of 51% of\n Alliance Minerals Corporation SARL (\"Alliance\") by payment of FCFA150,000,000 (EUR 230,000). As set out in the Company's Admission Document, the acquisition will provide Firering with a controlling interest in the licence application adjacent to the Company's flagship Atex Lithium-Tantalum Project in Côte d'Ivoire (\"Atex\"). The licence, held by Alliance, is partially contiguous to Atex and the Company has confirmed the presence of pegmatites that may be a potential extension of the Atex pegmatites or a secondary deposit. \n \n \n \n \n \n Key highlights: \n \n \n · \n The Alliance licence application covers an area of 365sqkm partially adjacent to the Atex licence.\n \n \n ·\n This initial payment is part of the Company's agreement (in August 2021) with Alliance and its shareholders to acquire up to 80% of Alliance's share capital \n \n \n · \n The first payment of €230,000, funded from the proceeds of Firering's recent IPO, will see Firering acquire an initial 51% of Alliance's share capital.\n \n \n · \n The Company also has an option at its discretion to acquire a further 29% stake for \n €610,000 as set out in the Admission Document.\n \n \n ·\n At present, the Company's key focus of exploration activities remains on the Atex licence. However, early-stage due diligence on the Alliance licence shows potential mineralised extensions into the Alliance licence, which may be of strategic importance to the Company as our exploration work progresses.\n \n \n \n \n \n Yuval Cohen, Chief Executive of Firering Strategic Minerals, said:\n \n \n \n \"\n \n Building a controlling stake in \n Alliance Minerals will allow Firering to consolidate its position in this region of Cote d'Ivoire and will expand our mineralised footprint with further pegmatite exten...