25th Feb 2015 08:21
LONDON (Alliance News) - Ferrex PLC shares were trading lower Wednesday morning after the company said it has raised GBP835,000 via a discounted share placing.
The company said it has raised GBP835,000 via the issue of 167 million shares at 0.5 pence per share. Shares in Ferrex were down 20% on Wednesday morning to 0.56 pence, one of the worst performers in the AIM All-Share index.
The proceeds are to be used to provide working capital for manganese and iron ore exploration as the company looks to secure financing for the Nayega Manganese Project in Togo.
"We are delighted to have received such strong support from our shareholders for this Placing. With these funds secured we will be well positioned to fully examine all financing options for the accelerated construction of our flagship Nayega manganese project as we progress towards an initial production, currently anticipated at the beginning of 2016, subject to finalise the Mining Convention and secure the Mining Permit," said Ferrex Chief Executive Dave Reeves.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
FRX.L