Directors’ Subscriptions; Issue of Equity
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Firering Strategic Minerals Plc (AIM:FRG), an exploration and development company focusing on strategic minerals, announces that, further to the recent Placing and Subscription announced on 28 May 2024, Youval Rasin (non-executive chairman), Yehoshua Shai Kol (chief financial officer), Remy Welschinger (independent non-executive director) and Vassilios Carellas (independent non-executive director) (together the "Subscribing Directors"), have subscribed for, in aggregate, 7,931,035 new ordinary shares of €0.001 each in the Company (the "Ordinary Shares") at a price of 2.9 pence per Ordinary Share (the "Director Subscription Shares"), raising additional gross cash proceeds of £230,000 ("the Directors' Subscriptions"). In total, the Placing, the Subscription and the WRAP Retail Offer, together with the Directors' Subscriptions, raised £2.319 million (gross).
Pursuant to MAR, the directors of the Company, together with their related parties, were not permitted to enter into the subscription agreement until after publication of the Final Results, which took place at 700 a.m. on 27 June 2024: https://bit.ly/3ztei6x.
Related Party Transactions
The Subscriptions by each of Youval Rasin, Yehoshua Shai Kol, Remy Welschinger and Vassilios Carellas constitute related party transactions under AIM Rule 13 of the AIM Rules for Companies.
Yuval Cohen, the Independent Director for this purpose, having consulted with the Company's Nominated Adviser, considers the terms of the subscriptions by the Subscribing Directors to be fair and reasonable insofar as the Company's shareholders are concerned.
Issue of Equity
1,986,349 Ordinary Shares ("Fee Shares") have been issued, at an issue price of 2.9 pence per share to certain advisors and suppliers to the Company in settlement of fees due of £57,604.
Admission and Total Voting Rights
Application will be made to the London Stock Exchange for admission of the 7,931,035 Subscription Shares and 1,986,349 Fee Shares, making a total of 9,917,384 shares to trading on AIM. It is expected that admission will become effective and dealings in the Subscription Shares will commence on AIM at 8.00 a.m. on or around 4 July 2024.
The Subscription Shares and Fee Shares have been issued fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.
Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 183,791,532 with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company's issued share capital pursuant to the Company's Articles.
Capitalised terms used but not otherwise defined in this announcement shall have the meanings ascribed to such terms in the Company's announcement made at 4.33 p.m. on 28 May 2024, unless the context requires otherwise.
Revised shareholdings following Admission
On Admission, the revised shareholdings of the following PDMR's will be:
| Name | Position | Holding of Ordinary Shares | % of Enlarged issued share capital |
| Youval Rasin | Non-Executive Chairman | 16,442,891 | 8.95% |
| Yehoshua Shai Kol | Chief Financial Officer | 8,867,984 | 4.83% |
| Vassilios Carellas | Independent Non-Executive Director | 1,188,329 | 0.65% |
| Remy Welschinger | Independent Non-Executive Director | 2,689,138 | 1.46% |
| Yuval Cohen | Chief Executive Officer | 2,067,000 | 1.12% |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Youval Raisin | |
| 2 | Reason for the notification | ||
| a) | Position/status | Non-Executive Chairman | |
| b) | Initial notification /Amendment | Initial notification | |
| a) | Name | Firering Strategic Minerals PLC | |
| b) | LEI | 213800WAVVOPS85N2205 | |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of €0.001 each in the share capital of Firering Strategic Minerals PLC | |
| Identification code | |||
| b) | Nature of the transaction | Subscription for Ordinary Shares | |
| c) | Price(s) and volume(s) | ||
| Price(s) | Volume(s) | ||
| 2.9 pence | 3,448,276 | ||
| d) | Aggregated information | ||
| - Aggregated volume | N/A | ||
| - Price | |||
| e) | Date of the transaction | 27 June 2024 | |
| f) | Place of the transaction | Outside a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Remy Welschinger | |
| 2 | Reason for the notification | ||
| a) | Position/status | Independent Non-Executive Director | |
| b) | Initial notification /Amendment | Initial notification | |
| a) | Name | Firering Strategic Minerals PLC | |
| b) | LEI | 213800WAVVOPS85N2205 | |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of €0.001 each in the share capital of Firering Strategic Minerals PLC | |
| Identification code | |||
| b) | Nature of the transaction | Subscription for Ordinary Shares | |
| c) | Price(s) and volume(s) | ||
| Price(s) | Volume(s) | ||
| 2.9 pence | 1,724,138 | ||
| d) | Aggregated information | ||
| - Aggregated volume | N/A | ||
| - Price | |||
| e) | Date of the transaction | 27 June 2024 | |
| f) | Place of the transaction | Outside a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Yehoshua Shai Kol | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Financial Officer | |
| b) | Initial notification /Amendment | Initial notification | |
| a) | Name | Firering Strategic Minerals PLC | |
| b) | LEI | 213800WAVVOPS85N2205 | |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of €0.001 each in the share capital of Firering Strategic Minerals PLC | |
| Identification code | |||
| b) | Nature of the transaction | Subscription for Ordinary Shares | |
| c) | Price(s) and volume(s) | ||
| Price(s) | Volume(s) | ||
| 2.9 pence | 1,724,138 | ||
| d) | Aggregated information | ||
| - Aggregated volume | N/A | ||
| - Price | |||
| e) | Date of the transaction | 27 June 2024 | |
| f) | Place of the transaction | Outside a trading venue | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Vassilios Carellas | |
| 2 | Reason for the notification | ||
| a) | Position/status | Independent Non-Executive Director | |
| b) | Initial notification /Amendment | Initial notification | |
| a) | Name | Firering Strategic Minerals PLC | |
| b) | LEI | 213800WAVVOPS85N2205 | |
| a) | Description of the financial instrument, type of instrument | Ordinary Shares of €0.001 each in the share capital of Firering Strategic Minerals PLC | |
| Identification code | |||
| b) | Nature of the transaction | Subscription for Ordinary Shares | |
| c) | Price(s) and volume(s) | ||
| Price(s) | Volume(s) | ||
| 2.9 pence | 1,034,483 | ||
| d) | Aggregated information | ||
| - Aggregated volume | N/A | ||
| - Price | |||
| e) | Date of the transaction | 27 June 2024 | |
| f) | Place of the transaction | Outside a trading venue | |
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