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Ferro Alloy appoints chairman
StockMarketWire.com
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Ferro Alloy Resources has appointed Sr Mick Davis as chairman following a $12.6 million investment from Vision Blue Resources.
Former Xstrata CEO is founder of Vision Blue Resources and replaces Chris Thomas as chair.
He will resume the role of non-executive director.
The investment allows Vision Blue Resources to acquire a 21.29% stake in Ferro Alloy Resources for $11.5 million.
This investment will be used to expand the company's current cashflow-generating facilities and enhance other projects.
Ferro Alloy Resources CEO Nick Bridgen said: 'This investment package will allow us to complete our planned expansion of the existing operation and complete the Balausa Project feasibility study. Thereafter, further investment is staged to fund the development of the main Balausa Project. With this robust backing, we can now make rapid progress on all fronts.'
At 1:35pm: (LON:FAR) share price was 0p at 9.35p
Story provided by StockMarketWire.com
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