FYI Increases Institutional Support
(firmenpresse) -
FYI INCREASES INSTITUTIONAL SUPPORT
Perth based FYI Resources Limited (the Company or FYI) is pleased to announce that it has agreed a share placement of $500,000 with Regal Funds Management (Regal).
Placement Details
The $500,000 placement of 7.1 million shares at a price of 7 cents per share will be made in two tranches. The first tranche of $450,000 (6.4 million shares) will be pursuant to the Companys existing placement capacity (4.3 million shares under ASX listing rule 7.1 and 2.1 million shares under listing rule 7.1A). Tranche two of $50,000 (0.7 million shares) will be made with shareholder approval at a meeting expected to be held mid-January 2018. The funds raised from the Regal placement will be used for continued high purity alumina (HPA) metallurgical studies and advancing of FYIs stated HPA development strategy.
About Regal
Regal Funds Management is one of Australia's largest and longest running long short equity fund managers. Regal operates a range of fundamental equity strategies that utilise research driven, bottom up stock selection and are focused predominantly on Australia, Asia and some North American markets. Regal is an active investor in the global natural resources sector, with a bias towards high growth strategic commodities, having had significant success in recent years investing in companies operating in the battery minerals supply chain.
Julian Babarczy, Head of Australian Equities at Regal Funds Management commented on the investment in FYI Resources, "As an active investor in the strategic commodities sector globally, Regal is attracted to FYI's high purity alumina strategy, and while still an early stage company, FYI already exhibits many of the attributes of what we believe could become an Australian mining success story. We look forward to supporting the company as it executes on its strategy to develop the Cadoux kaolin deposit in Western Australia over the coming years".
HPA Outlook
FYIs strategy is to develop a world class HPA production facility utilising the
Companys own high-quality feedstock to address a growing demand for superior specification and high-grade alumina.
The HPA demand is being driven by the necessity of high tech products and product development to incorporate into increasingly higher specification materials fit for increasing design requirements.
Examples of this are second generation LED lighting, advances in battery and power storage technologies and development in electric vehicle efficiencies.
FYI is aiming to be a significant participant in addressing the growing global HPA
demand.
Company Comment
FYIs managing director, Mr Roland Hill, commented FYI has a very strong and
supportive shareholder base and as such, we welcome Regal Funds Management as a new and valued member to our register. Regal is a diligent and long term investor having the same shared principles and objectives as FYI. FYIs HPA development strategy fits nicely with Regals investment approach and thus the placement is a strategic position for both groups. Regals position on our register not only endorses our HPA strategy but it allows us to continue our strategy with confidence and support.
Further information:
Roland Hill Managing Director Tel: +61414666178
About FYI Resources Limited
FYI is an ASX listed natural resources public company focused on the project development of strategic commodities.
The Companys principal objective is the assembling of a quality portfolio of potash
projects in Southeast Asia with the view to long term development and production.
In addition, FYI will also be capitalising on an exceptional opportunity to develop a major HPA (high purity alumina) production project in Western Australia.
53 Canning Highway, VICTORIA PARK, WA 6100
Tel: +61 8 9361 3100 Fax: +61 8 9361 3184
Website: www.fyiresources.com.au
ACN 061 289 218
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