# Firering Strategic Minerals launches £2.5m fundraise to support Limeco expansion

- Link: https://www.directorstalkinterviews.com/firering-strategic-minerals-launches-2-5m-fundraise-to-support-limeco-expansion/4121249854
- Published: 2026-04-24T07:08:28+01:00
- Author: Amilia Stone

**[Firering Strategic Minerals plc](https://www.directorstalkinterviews.com/company/firering-strategic-minerals-plc/frg.l)**(
LON:FRG), an emerging producer of quicklime and explorer of critical minerals, has
announced a placing and subscription of 250,000,000 new ordinary shares of €0.001
each at an issue price of 1 pence per share, raising gross proceeds of approximately
£2.5 million (before fees and expenses). The Placing was led by Shard Capital Partners
LLP.

The net proceeds of the Placing and the Subscription will be applied as detailed
further below. The New Shares will represent approximately 39.2 per cent. of the
Company’s Enlarged Share Capital on Admission.

Certain directors of the Company, being Youval Rasin, Shai Kol and Vassilios Carellas,
have confirmed their participation in the Subscription at the Issue Price. The Directors’
Subscriptions constitute related party transactions under AIM Rule 13 of the AIM
Rules. 

The Fundraising is conditional, inter alia, upon Admission (which is expected to
become effective with dealings in the New Shares to commence on 19 May 2026). Neither
the Subscription nor the Placing has been underwritten.

For the Fundraising to proceed, the Company requires Shareholders’ approval to authorise
the Directors to allot the New Shares and to disapply statutory pre-emption rights
in relation to the issue of the New Shares.

Additionally, the Company is seeking Shareholders’ approval to ratify prior issuances
of Ordinary Shares to date, to grant the Directors headroom to allot further Ordinary
Shares and to also increase the Company’s authorised share capital.

Accordingly, a circular, including a notice convening the General Meeting, will 
be published and is expected to be sent to Shareholders later today. The General
Meeting will held be at the offices of Hill Dickinson LLP at The Broadgate Tower,
20 Primrose Street, London EC2A 2EW at 10.00 a.m. on 18 May 2026.

> **Youval Rasin, Firering Strategic Minerals Chairman and Interim Chief Executive
> Officer, commented:** _“Limeco has continued to make operational progress having
> effectively reached breakeven, secured its first contract with a major copper 
> producer, and increased output. We would like to thank new and existing shareholders
> for their support for the Fundraise, which, subject to Shareholders’ approval 
> at the General Meeting, will enable the Company to increase its ownership in Limeco
> at an important stage in its development. It also leaves us well positioned as
> we look ahead to bringing Kilns 3 and 4 online, and to exercising the final tranche
> of the Limeco option later this year.”_

**DETAILS**

**INFORMATION ON FIRERING**

Firering Strategic Minerals plc (AIM: FRG) is an Africa-focused producer and developer
of industrial and critical minerals. The Company’s near-term focus is the ramp-up
of production at the Limeco project in Zambia, where Firering holds a 36.2% interest
with an option to increase this to 45%. Once fully optimised, Limeco is expected
to be among the largest lime operations in the region, supplying a range of mining,
agricultural and industrial customers. Firering’s portfolio also includes the highly
prospective Atex Lithium-Tantalum Project in northern Côte d’Ivoire.

**BACKGROUND TO, AND REASONS FOR, THE FUNDRAISING**

On 28 May 2024, the Company announced that further to its announcement of 17 August
2023, it had entered into a share purchase agreement dated 28 May 2024 (“SPA”) to
acquire an initial 20.5% of Limeco Resources Limited (“Limeco”), the owner of a 
Limestone project located 22km west of Lusaka in Zambia for an aggregate consideration
of US$3.55 million. Pursuant to the SPA, Firering was also granted an option to 
acquire an additional 24.5% interest in Limeco for an aggregate consideration of
US$4.65 million (“Option”).

The project owned by Limeco was formerly owned by Glencore and comprises a limestone
quarry with an estimated mineral resource of more than 73 million tonnes (Source:
Golder Associates, October 2017) and a quicklime production facility with the potential
to produce between 500 and 600 tonnes of quicklime per day (“Project”).

The SPA replaced the option agreement entered into by the Company in respect of 
Limeco on 16 August 2023 (“Prior Option”) and was entered into by Firering, Clearglass
Investments Limited (“Clearglass”) and then sole shareholder of Limeco, Kai Group
Limited (“Vendor”).

To date, the Company has acquired 36.2% of the issued share capital of Limeco, including
pursuant to Option exercises carried out in July 2025, November 2025 and January
2026. The Fundraising has been carried out in order to fund the next tranche of 
the Option pursuant to which the Company’s shareholding in Limeco shall move to 
41.7% by the acquisition of 5.5% of the issued shares of Limeco for a purchase price
of US$981,667. In the event that Resolution 1 is not passed at the General Meeting,
the Company will be unable to exercise the next tranche of the Option and as such
will not acquire this interest. The SPA provides that in such circumstances, Clearglass
will step in to Firering’s place to exercise the Option tranche.

There shall remain one final tranche of the Option, to be exercised on or before
31 July 2026, pursuant to which the Company will pay a final instalment of US$1,033,333
to acquire an additional 3.3% of the issued share capital of Limeco to move its 
shareholding to 45%. At that time, Clearglass’ shareholding shall move to 5% as 
a result of the previous non-refundable US$500k fee paid under the Prior Option.

Clearglass is a Cypriot company (Company number HE351995).  Firering’s Chairman,
Youval Rasin, is a director and 50% shareholder in Clearglass.  Clearglass’s other
shareholder, Eli Rasin, is the uncle of Youval Rasin. Eli Rasin is also the legal
and beneficial owner of Rompartner Limited which is a 6.6% shareholder of the Company.
Further information on the SPA, the Option and Limeco was included in the Company’s
circular to Shareholders published on 31 May 2024 which is available on the Company’s
website at www.fireringplc.com.

Accordingly, the Company is primarily carrying out the Fundraising in order to fund
the consideration payable pursuant to the exercise of the next tranche of the Option,
amongst those other items referred to below.

**USE OF PROCEEDS**

The net proceeds receivable by the Company pursuant to the Fundraising are expected
to be approximately £2.34 million.

The net proceeds of the Fundraising will be used to fund:

•          the acquisition of a further 5.5% of Limeco as explained above;

•          Property Transfer Tax associated with the share purchase;

•          Limeco operations;

•         exercise the final option, subject to necessary permissions being granted,
allowing Firering to obtain 45% of Limeco; and

•           the Group’s working capital requirements.

**CURRENT TRADING AND PROSPECTS**

The Company’s interim results for the six months ended 30 June 2025 were released
on 29 September 2025 and the Company is due to release its annual results for the
year ended 31 December 2025 by no later than 30 June 2026. A copy of the interim
results can be found at www.fireringplc.com.

The Company published a detailed commercial and operational update via RNS on 20
April 2026 which can be seen on the Company’s website and also here: https://www.
londonstockexchange.com/news-article/FRG/commercial-and-operational-update/17553270.

**FINANCIAL INFORMATION**

Audited accounts for the Company for each of the three financial periods ended 31
December 2024, 31 December 2023 and 31 December 2022 are available on the Company’s
website at www.fireringplc.com.

**DETAILS OF THE FUNDRAISING**

The Fundraising has raised £2.5 million (before expenses) for the Company comprising
the issue of 214,100,000 Placing Shares pursuant to the Placing which has raised
gross funds of £2.141 million, and the issue of 35,900,000 Subscription Shares pursuant
to the Subscription which has raised gross funds of £0.359 million with all New 
Shares being issued at the Issue Price.

All of the New Shares are being placed or subscribed for (as applicable) conditional,
inter alia, on the passing of Resolution 1 at the General Meeting. It is expected
that the New Shares will be admitted to trading on AIM at 8.00 a.m. on 19 May 2026.

The Company and Shard have entered into the Placing Letter, pursuant to which Shard
has agreed, on behalf of placees, to subscribe for the Placing Shares.

Subscribers, including the Subscribing Directors, have each entered into Subscription
Letters with the Company to subscribe £359,000 for 35,900,000 New Shares.

In connection with the Fundraising, and conditional upon Admission, the Company 
will issue to each participant in the Placing and the Subscription one warrant for
every New Share subscribed for, totalling 250,000,000 warrants. Each warrant shall
be exercisable at a price per share of 2 pence for a period of 24 months following
the date of the General Meeting.

In connection with the Placing, and conditional upon Admission the Company will 
issue 12,846,000 warrants to Shard exercisable at the Issue Price at any time in
the 24 months following the date of the General Meeting.

In addition, the Company will issue 6,878,598 new Ordinary Shares (“Service Provider
Shares”) to service providers (at the Issue Price) to settle £68,786 due to those
parties.

**Conditions of the Fundraising**

The Fundraising is conditional, inter alia, upon:

a)   the admission of the New Shares to trading on AIM;

b)   the passing of Resolution 1 to be proposed at the General Meeting; and

c)   admission of the New Shares to trading on AIM becoming effective by no later
than 8.00 a.m. on 19 May 2026 (or such later time and/or date as the Company and
Shard may agree (being not later than 8.00 a.m. on 26 May 2026)).

If such conditions are not satisfied or, if applicable, waived, by the date(s) and
time(s) referred to above the Placing and the Subscription will not proceed.

The Fundraising is not underwritten by Shard or any other person.

The Fundraising will result in the issue of 250,000,000 new Ordinary Shares representing
approximately 38.11 per cent. of the Enlarged Share Capital.

**Related Party Transactions**

The Subscribing Directors have subscribed in aggregate £130,000 for 13,000,000 shares
in the Subscription at the Issue Price. Premier Miton Group plc has subscribed £
306,000 for 30,600,000 shares in the Placing at the Issue Price.

The Subscribing Directors and Premier Miton Group plc will, as for all subscribers
under the Placing and Subscription, receive 1 warrant for each New Share subscribed.

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