16th Mar 2021 15:48
Ferro-Alloy Resources Ltd - vanadium mining and processing in southern Kazakhstan - Chair Chris Thomas buys 965,000 shares via Assiduous Group Ltd at average 14.03 pence, worth GBP135,428, on Monday. Thomas now is interested in 5.7 million shares, a 1.8% stake. The purchase follows Ferro-Alloy's announcement on Monday of a subscription agreement for up to USD12.6 million with Vision Blue Resources, a company led and founded by former Xstrata chief executive Mick Davis, and a limited number of co-investors. Davis will become chair, while Thomas will remain on board as a non-executive director.
The subscription, at 9p per share, will see VBR acquire a 21% stake. Ferro-Alloy also has granted VBR offtake rights worth USD10.0 million for up to 25% of all the vanadium materials it produces.
"Yesterday's announcement of the strategic investment by Vision Blue Resources and the appointment of Sir Mick Davis as my successor in the role of chair of Ferro Alloy Resources shortly is a true endorsement of the potential of the business," Thomas says.
Current stock price: 27.00 pence, up 79% Tuesday having risen 50% on Monday
Year-to-date change: up from 10.10p on December 31
By Tom Waite; [email protected]
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