IN BRIEF: Ferro-Alloy Resources raises PS1.5 million from share issue

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Ferro-Alloy Resources Ltd - developing Balasausqandiq vanadium deposit in southern Kazakhstan - Raises £1.5 million from subscriptions to 28.2 million new shares at 5.5 pence, a 28% discount to the stock’s closing price on Thursday. The subscriptions are by strategic shareholder Vision Blue Resources Ltd and company directors, including Chief Executive Officer Nick Bridgen. Vision Blue, which is associated with Ferro-Alloy Resources Chair Mick Davis, buys 6.3 million shares and now has a 22.5% stake. Bridgen buys 408,886 shares and now has an 11.2% holding. ‘This equity raise will strengthen the company’s funding position while we continue discussions with strategic investors to progress the project, supported by the positive results of our recent feasibility study,’ Bridgen says.

Current stock price: 7.00p, down 2.1% in London on Friday for £36.8 million market capitalisation

12-month change: up 16%

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