Ferrum Crescent raises £0.19m through placement

Lead-zinc exploration company Ferrum Crescent announced on Friday that it has conditionally raised £0.19m before expenses, through a placement of 214,782,526 new ordinary shares, at an issue price of 0.09p per share.

The AIM-traded firm said the placing was conditional on admission of the placing shares to trading.

It said the placing shares would be issued without shareholder approval utilising the company's existing placement capacity under ASX Listing Rule 7.1A and, following admission, would represent approximately 8% of the company's enlarged issued share capital.

Ferrum Crescent said the placing was oversubscribed.

“The company intends to utilise the net proceeds from the placing to undertake additional exploration and evaluation activities at the Toral and Lago lead-zinc exploration projects in Spain and for general working capital purposes,” the board explained in its statement.

“In addition, the company is pleased to announce that it has appointed Peterhouse as a broker with immediate effect.”