Ferro-Alloy Resources Limited (“FAR” or the “Company”) is pleased to announce that with the assistance of Tengri Capital MB JSC it has successfully closed a private placement through the issue of 10,314 shares to private investors linked to scientific-educational foundation “Aspandau”. The shares were priced within the IPO price range (KZT32,000-37,000 per share) previously announced on the Kazakhstan Stock Exchange (KASE).
The Company is continuing discussions with potential strategic and financial investors in order to fund the development of the technologically advanced vanadium production facilities and mine at Balasausqandiq in accordance with the strategy outlined during IPO on KASE. Plans for the listing on the London Stock Exchange later this year are also advancing. It is worthwhile to note that Vanadium prices soared by almost 30% last week confirming an expected trend.