Ferrum Crescent To Raise GBP1 Million For Spanish Project (ALLISS)

20th Mar 2018 14:11

LONDON (Alliance News) - Ferrum Crescent Ltd on Tuesday said it has raised GBP1 million via subscription and placing of 1.74 billion shares at a price of 0.0575 pence per share, and added that it has appointed Turner Pope Investments Ltd as joint broker.

The company said it requires funds for general working capital purposes and to progress the resource delineation and commissioning of an initial scoping study in respect of the Toral lead-zinc project, located in the province of Leon, northern Spain.

The company said that the proceeds specifically will be used to build upon the Toral project's maiden JORC zinc, lead and silver resource estimate.

"The injection of significant additional capital will enable the company to move forward quickly and build on its recent maiden JORC resource estimate for Toral. I look forward to commencing our new 2018 field season, reviewing approximately 44,000m of existing core, conducting a new drill programme and embarking on a cost effective metallurgical sampling programme, the results of which will feed into a comprehensive initial scoping study," Executive Technical Director Myles Campion said.

Shares in Ferrum Crescent were down 26% at 0.065 pence on Tuesday.