Ferrum Crescent raises £225k to support exploration programme

AIM-listed European lead-zinc explorer Ferrum Crescent has conditionally raised around £225,521 through a placing of 322.2m shares at 0.07p each to support its ongoing 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.

Chief executive and chairman Justin Tooth said: "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."

At 1515 BST, the shares were down 18% to 0.08p.