Sale of 3rd Tranche of Exempt Offer Bond Programme
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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 third tranche (the "Third Tranche") of the Kazakhstan exempt offer bond programme (the "Programme").
Background
As previously announced, the Company listed the Third Tranche of bonds under the Programme on 30 January 2024, for the development of the Balasausqandiq project including front-end engineering.
The nominal value of the Third Tranche was US$5m, with a nominal coupon rate of 11%, payable quarterly, and a two and a half year maturity.
Sale / Proceeds
All bonds listed under the Third Tranche have been sold and net proceeds of US$4.73m have now been received by the Company.
Summary
The three tranches of bonds issued and listed under the Programme to date have been sold, in aggregate, for US$13m. Under the terms of the Programme, US$7m 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.