Ferrum Crescent Ltd Update on Planning for BFS Funding (3840I)
30 May 2014 - 4:00PM
UK Regulatory
TIDMFCR
RNS Number : 3840I
Ferrum Crescent Ltd
30 May 2014
30 May 2014
Ferrum Crescent Limited
("Ferrum Crescent", the "Company" or the "Group") (ASX: FCR,
AIM: FCR, JSE: FCR)
Update on Contract with AAI and Planning for BFS Funding
Ferrum Crescent Limited, the ASX, AIM and JSE quoted iron ore
developer in northern South Africa, today announces an update on
the financing process being undertaken by the Board to complete its
bankable feasibility study (BFS) in relation to the Moonlight Iron
Ore Project in South Africa.
The Company is currently engaging with a number of parties,
including Anvwar Asian Investment (AAI) from Oman, to secure funds
of approximately $10-13m for the completion of a full BFS for
Moonlight. On 16 March 2014 Ferrum Crescent signed an investment
agreement with AAI. A single payment of US$500,000 was made to the
Company in accordance with the agreed payment schedule but a second
US$500,000 was not made in accordance with that schedule, with AAI
making a request to delay the payment (as announced on 8 May 2014).
The timetable requested by AAI for payment has now also elapsed
without the second payment being received by the Company. Ferrum
Crescent did not agree to the request for delayed payment, and the
Company is in discussions with AAI over its breach of contract.
There are other parties in discussions with Ferrum Crescent, and
the Company is looking at financing options that will secure
optimal partnerships for the completion of the BFS and beyond.
Moonlight is an advanced project, potentially capable of producing
a high-grade iron ore pellet product, and is reviewing the use of
established infrastructure for transportation. Given the project's
situation and stage of development and the premium product that it
should be able to produce, the Company believes that this is the
best course of action for the Company at this stage.
For more information, please visit www.ferrumcrescent.comor
contact:
Australia and Company UK enquiries:
enquiries:
------------------------- -----------------------------------
Ferrum Crescent Limited Pareto Securities Ltd
Ed Nealon T: +61 8 9367 (Broker)
5681 Guy Wilkes T: +44 (0)
Chairman 20 7786 4370
Tom Revy T: +61 8 9367 RFC Ambrian Limited
5681 (Nominated Adviser)
Managing Director James Biddle, Andrew
Thomson
T: +44 (0) 20 3440 6800
/ +61 8 9480 2500
Ferrum Crescent Limited
Laurence Read (UK representative)
T: +44 7557672432
------------------------- -----------------------------------
South Africa enquiries: Sasfin Capital
Leonard Eiser T: +27
11 809 7500
------------------------- -----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSEMFLUFLSEII
Europa Metals (LSE:EUZ)
Historical Stock Chart
From Apr 2024 to May 2024
Europa Metals (LSE:EUZ)
Historical Stock Chart
From May 2023 to May 2024