Ferrum Crescent Ltd Placing to raise approximately £225,521 gross (6896H)
09 June 2017 - 9:30PM
UK Regulatory
TIDMFCR
RNS Number : 6896H
Ferrum Crescent Ltd
09 June 2017
9 June 2017
Ferrum Crescent Limited
("FCR", the "Company" or the "Group") (ASX, AIM, JSE: FCR)
Placing to raise approximately GBP225,521 gross
FCR, the European lead-zinc explorer, announces that it has
conditionally raised approximately GBP225,521 before expenses,
through a placement via Beaufort Securities Limited ("Beaufort
Securities") as agent of the Company, of 322,173,789 new ordinary
shares of no par value each in the capital of the Company (the
"Placing Shares") at a price of 0.07 pence per new ordinary share
(the "Placing").
The Placing is conditional on admission of the Placing Shares to
trading on AIM ("Admission"). Following Admission, the Placing
Shares will represent, in aggregate, approximately 13.04 per cent.
of the Company's enlarged issued ordinary share capital. The issue
of the Placing Shares falls within the Company's existing placement
capacity under ASX Listing Rule 7.1, such that specific shareholder
approval is not required.
Use of Proceeds
The Company intends to utilise the net proceeds from the Placing
to support its ongoing lead-zinc exploration programme in North
West Spain. As announced recently, a near-surface drilling
programme is currently underway at the Company's wholly owned Toral
project in the province of Léon with initial drilling results
expected to be received in the short term.
Application to trading
Application will be made for quotation of the Placing Shares on
the Australian Securities Exchange and the JSE Limited, and to the
London Stock Exchange plc for Admission. It is expected that
Admission will become effective and that dealings in the Placing
Shares will commence on AIM at 8.00 a.m. on 23 June 2017. The
Placing Shares will be fully paid and will rank pari passu in all
respects with the Company's existing ordinary shares.
Following Admission, the total issued ordinary share capital of
the Company will comprise 2,469,999,055 ordinary shares.
The Placing Shares have been conditionally placed by Beaufort
Securities, as agent of the Company, with certain investors
pursuant to a placing agreement (the "Placing Agreement"). Under
the terms of the Placing Agreement, Beaufort Securities will
receive commission from the Company conditional on Admission of the
Placing Shares and the Company will give customary warranties and
undertakings to Beaufort Securities in relation, inter alia, to its
business and the performance of its duties. In addition, the
Company had agreed to indemnify Beaufort Securities in relation to
certain liabilities that it may incur in undertaking the Placing.
Beaufort Securities has the right to terminate the Placing
Agreement in certain circumstances prior to Admission, in
particular in the event that there has been, inter alia, a material
breach of any warranties. The Placing is not being
underwritten.
Commenting today, Justin Tooth, Executive Chairman of FCR,
said:
"With our maiden near surface drilling programme now underway at
our promising Toral lead-zinc project in North West Spain, today's
small fundraising will augment our working capital position ahead
of receiving our first exploration results.
"The Company's strategy remains to focus on cost-effectively
defining economically-attractive lead-zinc assets in Europe, to add
value by expanding our knowledge of the mineralisation, to
establish JORC Code compliant resource estimates and to undertake
relevant metallurgical analysis, as appropriate. Our initial drill
campaign will enable us to identify if, and where, lead-zinc
mineralisation occurs near surface, above the mineralised areas
historically identified by third parties, and to ratify our new
geological theory for this deposit."
For further information on the Company, please visit
www.ferrumcrescent.com or contact:
Ferrum Crescent Limited
Justin Tooth, Executive Chairman
Grant Button, Director and Company Secretary
T: +61 8 9474 2995
UK enquiries:
Laurence Read (UK representative)
T: +44 7557 672 432
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
Beaufort Securities Limited (Broker)
Elliot Hance
T: +44 (0)20 7382 8300
Bravura Capital (Pty) Ltd (JSE Sponsor)
Melanie De Nysschen
T (direct): +27 11 459 5037
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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