“Ferrum Crescent, the ASX, AIM and JSE quoted metals project developer, announces that it has received applications to subscribe for 149,681,797 new ordinary shares in the capital of Ferrum Crescent (the “Subscription Shares”) at a price of £0.0012 per Subscription Share, to raise £179,618 before expenses (the “Subscription”). The Subscription was oversubscribed and closed on Wednesday, 24 February 2016.
Use of Proceeds and Update re Option to Acquire Interests in Lead-Zinc Exploration Projects in Spain.
The Company intends to use the net proceeds from the Subscription for its general working capital purposes and to maintain its option to potentially acquire 100 per cent. of GoldQuest Iberica, S.L. (“GoldQuest”), details of which were announced on 16 February 2016 (the “Option”). GoldQuest, a private company incorporated in Spain, owns 100 per cent. of two lead-zinc exploration projects in the provinces of Leon and Galicia, in historic Spanish mining areas (the “Iberian Projects”). In order to maintain the Company’s exclusive Option, valid until 31 July 2016, it is required to make two cash payments to TH Crestgate GmbH (each of £7,500) in March and April 2016, whilst the Company conducts its due diligence on GoldQuest and the Iberian Projects.”
Ferrum Crescent Ltd