INTERNATIONAL FUND INITIATES STRATEGIC INTEREST IN FYI
Key points
? International Fund takes initial investment stake in FYI
? GEM Global makes opening investment of $3.13 m via $80 million Capital Commitment
Facility
? Strategic investment directed at progressing development of FYI HPA project
? Placement provides long term major shareholder support
? GEM financing is based on FYI?s positive HPA project strategy development
FYI Resources Ltd (ASX: FYI) (FYI or the Company) is pleased to announce the initial investment by GEM Global Yield LLC SCS (GEM). GEM intends to provide long term support and shareholder stability to FYI for the development of the Company?s high purity alumina (HPA) project. GEM sees increasing shareholder value as FYI progresses the development its HPA project strategy.
The placement of $3.13 million is via the issue of 9.3 million shares under the Company?s $80 million capital commitment facility with GEM. This is the first draw down on the GEM financing facility (announced 11 March 2020) which was put in place to provide FYI with capital support for the development of the Company?s HPA project.
9,300,000 fully paid ordinary shares will be issued at a price of 33.67 cents each calculated according to the terms of the capital commitment facility, under the Company?s current ASX listing rule 7.1A placement capacity to raise gross proceeds of $3,131,310. Proceeds from the share issue will be used to advance FYI's HPA project and costs of the issue (pursuant to the terms of the capital commitment facility).
Released with the authority of Roland Hill, Managing Director.
For more information please contact:
Roland Hill
Managing Director
Tel: +61 414 666 178 roland.hill@fyiresources.com.au
About FYI Resources Limited
Simon Hinsley
Investor & Media Relations
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