Ferrum Crescent Gets First Payment Under Moonlight Deal

LONDON (Alliance News) - Iron Ore developer Ferrum Crescent Ltd Friday said it had received the first USD500,000 payment from Anvwar Asian Investment as part of the deal to sell a 35% interest in its subsidiary that holds the Moonlight iron ore assets in South Africa for USD10 million.

In a statement, Ferrum said a second payment of USD500,000 will be made by the end of April.

Ferrum will use the money to progress a bankable feasibility study at the Moonlight magnetite iron ore project, which is located in Limpopo Province, South Africa

"As funds are being secured for the company through the AAI agreement, we are simultaneously planning the next stage of the Moonlight bankable feasibility study. I look forward to updating the market shortly on the project and forward work pathways," Ferrum Crescent Managing Director Tom Revy said.

The company had announced the deal March 18.

Ferrum Crescent shares were down2% at 1.274 pence Friday.

By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1

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