Firering Strategic Minerals plc (LON:FRG), an exploration company focusing on critical minerals, has announced a retail offer via the Winterflood Retail Access Platform (WRAP) to raise up to £250,000 through the issue of new ordinary shares of €0.001 each in the capital of the Company. Under the WRAP Retail Offer up to 8,620,690 new Ordinary Shares will be made available at an issue price of 2.9 pence per share.
In addition to the Retail Offer, the Company has also conducted a placing and subscription of new ordinary shares to raise £2.116 million, and together with the WRAP Retail Offer Shares at the Issue Price . A separate announcement has been made earlier today regarding the Placing and Subscription and its terms and its terms and sets out the reasons for the Placing and Subscription and use of proceeds. For the avoidance of doubt, the Retail Offer is not part of the Placing and Subscription.
The proceeds of the WRAP Retail Offer will be utilised in the same way as the proceeds of the Placing and Subscription as stated within Firering Strategic Minerals to raise up to £250,000 via WRAP retail offer’s previous announcement.
The issue of the WRAP Retail Offer Shares is conditional upon, inter alia, the passing of the necessary resolution to enable the WRAP Retail Offer Shares to be allotted and issued on a non-pre-emptive basis, to be put to shareholders of Firering at a General Meeting, which is expected to be held at the offices of Hill Dickinson LLP at The Broadgate Tower, 20 Primrose Street, London EC2A 2EW at 10.00am on 19 June 2024. Conditional upon the passing of those resolution, and on the New Ordinary Shares being admitted to trading on the Alternative Investment Market of the London Stock Exchange plc (“Admission”), it is anticipated that Admission will become effective and that dealings in the New Ordinary Shares will commence on AIM, at 8.00 a.m. on 20 June 2024.
Completion of the WRAP Retail Offer is conditional, inter alia, upon the completion of the Placing and Subscription, however completion of the Placing and Subscription is not conditional on the completion of the WRAP Retail Offer.
WRAP Retail Offer
The Company values its retail shareholder base and believes that it is appropriate to provide its existing retail shareholders in the United Kingdom the opportunity to participate in the WRAP Retail Offer.
Therefore, the Company is making the WRAP Retail Offer open to eligible investors in the United Kingdom, being existing shareholders of Firering, following release of this announcement and through certain financial intermediaries.
Existing shareholders can contact their broker or wealth manager to participate in the WRAP Retail Offer.
The WRAP Retail Offer is expected to close at 8.30pm on 28 May 2024. Eligible shareholders should note that financial intermediaries may have earlier closing times.
Retail brokers wishing to participate in the WRAP Retail Offer on behalf of existing retail shareholders, should contact [email protected].
To be eligible to participate in the WRAP Retail Offer, applicants must be a customer of a participating intermediary and, as at the date hereof or will be, prior to placing an order for WRAP Retail Offer Shares, shareholders in the Company which may include individuals aged 18 years or over, companies and other bodies corporate, partnerships, trusts, associations and other unincorporated organisations.
There is a minimum subscription of £100 per investor under the WRAP Retail Offer. The terms and conditions on which investors subscribe will be provided by the relevant financial intermediaries including relevant commission or fee charges.
The Company reserves the right to scale back any order under the WRAP Retail Offer at its discretion. The Company reserves the right to reject any application for subscription under the WRAP Retail Offer without giving any reason for such rejection.
It is vital to note that once an application for WRAP Retail Offer Shares has been made and accepted via an intermediary, it cannot be withdrawn.
The New Ordinary Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with existing Ordinary Shares including the right to receive all dividends and other distributions declared, made or paid after their date of issue.
It is a term of the WRAP Retail Offer that the total value of the WRAP Retail Offer Shares available for subscription at the Issue Price does not exceed £250,000 unless increased as mutually agreed.
The WRAP Retail Offer is offered in the United Kingdom under the exemption from the requirement to publish a prospectus in section 86(1)(e) of FSMA. As such, there is no need for publication of a prospectus pursuant to the Prospectus Regulation Rules of the Financial Conduct Authority, or for approval of the same by the Financial Conduct Authority. The WRAP Retail Offer is not being made into any jurisdiction other than the United Kingdom.
No offering document, prospectus or admission document has been or will be prepared or submitted to be approved by the Financial Conduct Authority (or any other authority) in relation to the WRAP Retail Offer, and investors’ commitments will be made solely on the basis of the information contained in this announcement and information that has been published by or on behalf of the Company prior to the date of this announcement by notification to a Regulatory Information Service in accordance with the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, the Market Abuse Regulation (EU Regulation No. 596/2014) (“MAR”) and MAR as it forms part of United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as amended).
Investors should make their own investigations into the merits of an investment in the Company. Nothing in this announcement amounts to a recommendation to invest in the Company or amounts to investment, taxation or legal advice.
It should be noted that a subscription for WRAP Retail Offer Shares and investment in the Company carries a number of risks. Investors should take independent advice from a person experienced in advising on investment in securities such as the WRAP Retail Offer Shares if they are in any doubt.
An investment in Firering Strategic Minerals to raise up to £250,000 via WRAP retail offer will place capital at risk. The value of investments, and any income, can go down as well as up, so investors could get back less than the amount invested.
Neither past performance nor any forecasts should be considered a reliable indicator of future results.
The Company’s LEI is 2138005GMF9GR4W9MN36.
This announcement should be read in its entirety. In particular, the information in the “Important Notices” section of the announcement should be read and understood.
