Hill Dickinson advises Firering Strategic Minerals on £2.1m fundraise and Limeco acquisition

Hill Dickinson’s Equity Capital Markets team has advised Firering Strategic Minerals plc on a placing, subscription and retail offer raising gross proceeds of approximately £2.1 million.

In conjunction with this fundraise, Hill Dickinson also assisted Firering with regard to a revised agreement to acquire an initial 20.5% interest in a Zambian limestone project by acquiring shares in Limeco Resources Limited for an aggregate consideration of US$3,550,000. Pursuant to this agreement, Firering will have an option to acquire a further 24.5% interest in Limeco for an aggregate consideration of US$4,650,000.

The Hill Dickinson team advising Firering on the fundraise and the Limeco acquisition was led by partner Sam Hudson, with assistance from senior associate Natalia Fryda, associate Sanne Gerdsen and trainee solicitor Mariam El Mir.

Commenting, Yuval Cohen, CEO of Firering, said: “We are delighted to announce the updated agreement to acquire an initial 20.5% stake in Limeco Resources Limited, with an option to acquire an additional 24.5%. This acquisition marks a significant step forward in our strategic plan to enhance our portfolio with high-value assets. The project, with its vast limestone resources and quicklime production capabilities, positions Firering to capitalise on the growing demand for quicklime, particularly within the copper mining industry.

“With respect to the fundraise, I would like to thank investors for their support, which enables us to finance the acquisition of a 20.5% stake in Limeco, enact the ramp-up of its quicklime operation to full production and advance the development of our other assets. The backing from our investors is a testament to their confidence in the potential of our projects.”

Commenting for Hill Dickinson, Sam Hudson said: “It was a pleasure to be able to assist Firering with these transactions and we wish Firering well as it looks to execute its strategy.”