Ferrum Crescent has issued a quarterly activities and cashflow report For the period ended 30 September.
Moonlight iron project: – Development options under review for potential reduced cost production pathways – Study initiated on pelletising technology – Review of product offtake agreements – Transportation costing review for various product types – Mining Right Annual Compliance Report completed and filed – Memorandum of Agreement and co-operation framework signed with Lephalale Local Municipality securing the necessary consents from local stakeholders for progression of the project into future development Spanish lead-zinc exploration projects: – 100% of the share capital of GoldQuest Iberica, S.L. (“GoldQuest”) acquired by Ferrum Crescent following exercise of the Company’s exclusive option from TH Crestgate GmBH on 22 September – Toral & Lago lead-zinc exploration assets 100% owned by GoldQuest (the ‘Spanish projects’) – Planned exploration work programme developed seeking to reinterpret the historic data package, including historic drill core samples and surface work with processing analysis to then be carried out
Corporate: – £374,453 raised through a share placement with the net proceeds to be utilised for general working capital purposes and the progression of the Spanish Projects. 205,949,134 options, in aggregate, issued in connection with this fundraising entitling the holders to subscribe for new ordinary shares at a price of 0.30 pence per share for a two year period – 117,054,266 new ordinary shares issued further to the exercise of options at a price of 0.165 pence per share
· – £326,500 paid in cash and 100 million new ordinary shares of no par value each in the capital of the Company issued to Crestgate’s wholly owned subsidiary, GoldQuest Mining (Spain) Corp, as consideration for the acquisition of 100% of the shares in GoldQuest, further to the exercise of the Company’s abovementioned option – Cash balance at the end of the quarter: A$1,162,000
Post quarter end: – A further 181,560,288 options exercised at a price of 0.165 pence per new ordinary share, raising £299,574 gross
At 9:59am: (LON:FCR) Ferrum Crescent Ltd share price was 0p at 0.25p
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