Ferro-Alloy Resources Ltd (LSE:FAR) has launched a second tranche of an ongoing US$20 million offer bond programme after the initial batch largely sold out.
This latest batch has a nominal value of US$5 million, said the Kazakhstan-focused vanadium miner, compared to US$3 million for the first tranche.
In the first tranche sale, Ferro-Alloy said it sold 1,447 of the 1,500 units available.
Terms of the second tranche are a coupon of 10% fixed with a redemption date of September 2026.
Proceeds from the sale of this second tranche of bonds will be used to accelerate the development of the Balasausqandiq project, including front-end engineering, Ferro-Alloy said.
All bonds issued under the programme will be listed on the Astana International Exchange (AIX) in Kazakhstan.