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FYI Resources Ltd

FYI Resources finalises $811,000 capital raising to help fund HPA strategy

The placement is supported by Regal Funds Management for their full pro-rata of 12.9% with Foster Stockbroking as lead manager.

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The company is focused on producing HPA from its Cadoux project kaolin resource

FYI Resources Ltd (ASX:FYI) has received firm commitments to raise around $811,000 through the issue of 16.22 million shares at 5 cents per share with one attaching unlisted option for every two shares issued.

The placement has received strong support from local and international sophisticated and professional investors, including several existing major shareholders.

Funds raised will be used for continued development of FYI’s high-purity alumina (HPA) strategy, including operation of a pilot plant to produce product for customer qualification (test work), ongoing project development at Cadoux and completion of a bankable feasibility study.

READ: FYI Resources in trading halt with a capital raising announcement pending

FYI is undertaking a BFS and pilot plant test work of the Cadoux Kaolin Project feedstock and is achieving substantial technical results from its R&D program which are expected to result in positive project economics.

A pilot plant, which is being commissioned, will provide essential product processing data that will be important in refining the BFS economic case.

READ: FYI Resources director reveals fourth share purchase in three weeks

This plant will provide simulated production generated HPA in enough quantities so that interested parties can trial the alumina for product qualification specific to their individual requirements and applications.

This feedback will allow FYI to tailor the end product through further R&D to suit each customer’s needs.

Quick facts: FYI Resources Ltd

Price: $0.06

Market: ASX
Market Cap: $13.62 m
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