IN BRIEF: Firering settles with Ricca; to increase stake in Limeco
Firering Strategic Minerals PLC - Zambia and Ivory Coast-focused mining company - Enters binding agreement to receive USD1 million as settlement for all outstanding debts and claims owed by Ricca Resources Ltd, of which it holds 10.6%. Firering also expects a net proceed distribution to shareholders by Ricca, following the completion of a subsidiary asset sale by Ricca for AUD4.4m, about GBP2.2 million, less an adjustment of up to AUD332,000 to Skylark Minerals Ltd. Completion is expected following approval by Ricca shareholders at an extraordinary general meeting to be convened after a 21-day notice period. Funds will be used to fund the third tranche of Firering's option over Limeco, bringing its interest in the Zambian quicklime project to 36.2%. Read More