2nd Oct 2013 14:35
LONDON (Alliance News) - Ferrum Crescent Limited Wednesday said it is conducting a 48 million share placement to raise up to GBP873,600 before costs.
The iron-ore developer said the shares are to be issued at 1.82 pence per share and proceeds will be used to fund corporate activities and to carry out a feasibility study and mining-rights activities.
The company said that funds from the placement will be received in two tranches, pending shareholder approval.
Ferrum Crescent shares were down 8.8% to 1.71 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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