12th May 2016 13:23
LONDON (Alliance News) - Ferrum Crescent Ltd on Thursday said it knows of no specific reason for the recent rise in its share price, but said it was currently well positioned to continue to realise value from its South African Moonlight iron ore project after its fundraise.
Shares in Ferrum were up 50% at 0.305 pence on Thursday afternoon.
The company said it noted the rise in its share price, but knows "of no specific reason for such significant movements".
Ferrum said the shares placed in respect of its GBP650,000 fundraise in late April has been admitted to trading on Thursday.
Ferrum said the receipt of such additional monies had left it "positioned to continue to pursue its refined strategy to realise value from its flagship Moonlight iron ore project in South Africa and proceed in due course to exercise its option over GoldQuest Iberica SL which owns interests in two promising lead-zinc projects in Northern Spain".
By Hannah Boland; [email protected]; @Hannaheboland
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