Aim Bulletin
Firering raises £2.5m to increase stake in Limeco
By Josh White
Date: Friday 24 Apr 2026
(Sharecast News) - Firering Strategic Minerals said on Friday that it had raised gross proceeds of about £2.5m through a placing and subscription to fund an increase in its stake in Limeco Resources, support operations and provide working capital.
The AIM-traded emerging quicklime producer and critical minerals explorer said it would issue 250 million new ordinary shares at 1p each, with the placing led by Shard Capital Partners.
It said the new shares will represent about 38.11% of the enlarged share capital, or about 39.2% on admission according to the company's summary disclosure.
Net proceeds were expected to be about £2.34m and would be used to acquire a further 5.5% of Limeco, pay associated property transfer tax, support Limeco operations, fund group working capital and, subject to the required permissions, exercise the final option tranche that would lift Firering's holding in Limeco to 45%.
Firering currently owns 36.2% of Limeco, which owns a limestone project 22 kilometres west of Lusaka in Zambia.
The project, formerly owned by Glencore, comprises a limestone quarry with an estimated mineral resource of more than 73 million tonnes and a quicklime production facility with potential to produce between 500 and 600 tonnes of quicklime per day.
Firering has an option to increase its holding to 45%.
The company said the fundraising would allow it to exercise the next tranche of the option, acquiring 5.5% of Limeco for $981,667 and increasing its stake to 41.7%.
If shareholders did not approve the relevant resolution at the general meeting, Firering said it would be unable to exercise the tranche and Clearglass Investments would step in to exercise it instead.
A final option tranche, exercisable on or before 31 July, would allow Firering to acquire a further 3.3% of Limeco for $1.03m, taking its holding to 45%.
"Limeco has continued to make operational progress having effectively reached breakeven, secured its first contract with a major copper producer, and increased output," said chairman and interim chief executive Youval Rasin.
"We would like to thank new and existing shareholders for their support for the fundraise, which, subject to shareholders' approval at the general meeting, will enable the company to increase its ownership in Limeco at an important stage in its development.
"It also leaves us well positioned as we look ahead to bringing Kilns 3 and 4 online, and to exercising the final tranche of the Limeco option later this year."
The fundraising comprised 214,100,000 placing shares, raising £2.141m, and 35,900,000 subscription shares, raising £359,000.
Firering said directors Youval Rasin, Shai Kol and Vassilios Carellas had subscribed for a combined £130,000, while Premier Miton Group had subscribed for £306,000.
Their participation constituted related party transactions under the AIM rules.
Participants in the placing and subscription would receive one warrant for every new share subscribed, resulting in the issue of 250 million warrants exercisable at 2p per share for 24 months from the date of the general meeting.
Shard would also receive 12,846,000 warrants exercisable at the 1p issue price for 24 months following the meeting.
Firering will issue a further 6,878,598 service provider shares at the issue price to settle £68,786 owed to service providers.
The fundraising was conditional on shareholder approval, admission of the new shares to trading on AIM, and admission becoming effective by 0800 BST on 19 May, or by 26 May at the latest if agreed by the company and Shard.
The company said it was also seeking shareholder approval to ratify prior share issuances, grant directors authority to allot a further 450 million ordinary shares until the next annual general meeting, and increase its authorised share capital from 500 million ordinary shares to 1 billion shares.
At 1327 BST, shares in Firering Strategic Minerals were down 13.73% at 1.1p.
Reporting by Josh White for Sharecast.com.
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