14th May 2015 08:08
LONDON (Alliance News) - Ferrum Crescent Ltd on Thursday said it will raise GBP500,000 via a private placing to back the development of the Moonlight iron project in South Africa.
Ferrum said it will issue 100 million shares at 0.5 pence per share. Shares in the company were down 13% to 0.65 pence on Thursday morning.
"Today's funding concludes our near-term strategy to complete the bankable feasibility study at the Moonlight project and expand the total resource of this high quality magnetite iron ore," said Tom Revy, Ferrum's managing director.
By Sam Unsted; [email protected]; @SamUAtAlliance
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