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FYI Resources Placement oversubscribed – A $ 2.7 million fresh capital raised

Short and noiseless, even if – from the point of view of the existing shareholders – not entirely painless FYI Resources (WKN A0RDPF / ASX FYI) A $ 2.7 million fresh capital raised this week. The shares were issued at A $ 0.06, which is 45 million additional shares. According to Managing Director Roland Hill, the offer was five times oversubscribed. FYI could have taken significantly more at these conditions. In view of the dilution, however, the amount was capped and the investors cut back proportionally.

The placement took place with the participation of two Australian brokers, from whom FYI hopes, among other things, to improve liquidity in the future. It is also positive that the major shareholder Regal Funds has increased its stake from 11.5 to 13 percent, i.e. it has disproportionately participated in the placement. FYI has also won Ken Hall, the founder of energy company Pacific Energy, as a prominent Cornerstone shareholder. Pacific Energy, in turn, is now owned by the Queensland Investment Corporation QIC, which claims it manages A $ 83 billion.

For technical reasons, the placement itself must take place in two tranches. The first tranche of 21.67 million shares for gross proceeds of AUD 1,300,000 is expected to close on Wednesday, August 19, 2020. The listing of the shares will be on Thursday, August 20, 2020. For the second tranche of 23.33 million shares (1.4 million AUD), FYI still needs an extraordinary shareholders’ meeting and the approval of the shareholders.

In the meantime, FYI reports progress in discussions with a possible project partner as well as the successful operation of the pilot plant and HPA production for further customer qualification. In addition, work was carried out on the further development of HPA special products at the request of potential customers. The off-take discussions with potential customers also continue.

FYI is currently preparing the final technical decision on the project (FED) in order to subsequently make the final investment decision (FID).

Benchmark Mineral Intelligence Webinar

Roland Hill will be titled at the online conference from Benchmark Minerals World Tour Eastern Hemisphere – High Purity Alumina Special Give a presentation on August 28, starting at 9 a.m. German time (8 a.m. British Summer Time (BST)).

https://www.benchmarkminerals.com/events/world-tour-online/

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