Exempt Offer Bond Programme - Second Tranche Sale
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Ferro-Alloy Resources Limited (LSE:FAR), the vanadium producer and developer of the large Balasausqandiq vanadium deposit in Southern Kazakhstan, is pleased to announce the sale of all bonds issued under the US$5m second tranche (the "Second Tranche") of the Kazakhstan exempt offer bond programme (the "Programme").
Background
As previously announced, the Company listed the Second Tranche of bonds under the Programme on 19 September 2023, to accelerate the development of the Balasausqandiq project including front-end engineering.
The nominal value of the Second Tranche was US$5m, with a nominal coupon rate of 10%, payable quarterly, and a three year maturity.
Sale / Proceeds
All bonds listed under the Second Tranche have been sold and net proceeds of US$4.87m have now been received by the Company.
Trading of the Second Tranche of bonds on the Astana International Exchange commenced on 20 September 2023.
Summary
The two tranches of bonds issued and listed under the Programme to date have been sold, in aggregate, for US$8m. Under the terms of the Programme, US$12m of headroom remains for the issue of future tranches by the Company.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.