25th Feb 2016 10:53
LONDON (Alliance News) - Metals project developer Ferrum Crescent Ltd Thursday saw its shares dip as it said it had raised GBP179,618 through share subscription.
The company's shares were down 25% at 0.150 on Thursday morning after it said it had received applications for 149.7 million shares at a price of 0.12 pence per share. The subscription represents 19% of Ferrum Crescent's issued share capital. It said its subscription had been oversubcribed and closed on Wednesday.
The subscription is conditional on admission the the subscription shares to trading on AIM. Ferrum said this should happen on March 1.
Ferrum said it plans to use the funds for its general working capital purposes and to maintain its exclusive option to acquire private company GoldQuest Iberica SL, which it announced last week. Ferrum has until the end of July to exercise the option to purchase GoldQuest, which owns two lead-zinc projects in Spain.
"I am extremely pleased by the response from investors to the subscription which, I believe, reflects, amongst other things, the inherent quality of GoldQuest's lead zinc-assets located in a politically stable region," said Ferrum Managing Director Tom Revy.
By Hannah Boland; [email protected]; @Hannaheboland
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