Last checked at 2 Mar 2015 07:00
2 March 2015
Ferrum Crescent Limited
("Ferrum Crescent", the "Company" or the "Group")(ASX: FCR, AIM: FCR, JSE: FCR)
Appointment of Financial Adviser and Grant of Options
Ferrum Crescent, the ASX, AIM and JSE Limited quoted iron ore developer, announces that it has appointed Strand Hanson Limited ("Strand Hanson") as the Company's Financial Adviser with immediate effect.
Strand Hanson will provide general corporate and financial advisory support via its London and South African offices. Ferrum Crescent restarted a bankable feasibility study on its Moonlight Iron Ore Project in late 2014 and is currently progressing potential development options in South Africa with a number of interested groups.
In addition, the Company announces the grant of options to Strand Hanson which afford it the right to subscribe for 2,000,000 ordinary shares in the capital of Ferrum Crescent at a price of 0.75 pence per share and 3,000,000 shares at a price of 2 pence per share, exercisable at any time from 2 March 2015 until 1 March 2018.
Following the grant of the abovementioned options, the total number of shares under option is 13,400,000 (details of which are set out below) representing approximately 2.52 per cent. of the Company's fully diluted share capital. The new options will not be quoted and are subject to standard conditions.
Number | Exercise Price per share | Expiry Date |
400,000 | A$0.10 | 14 December 2015 |
500,000 | A$0.03 | 21 November 2016 |
2,500,000 | A$0.08 | 19 February 2017 |
2,000,000 | GBP0.0075 | 2 February 2018 |
3,000,000 | GBP0.02 | 2 February 2018 |
2,000,000 | GBP0.0075 | 1 March 2018 |
3,000,000 | GBP0.02 | 1 March 2018 |
For more information, please visit www.ferrumcrescent.comor contact:
Australia enquiries: | UK enquiries: |
Ferrum Crescent Limited Tom Revy T: +61 8 9367 5681 Managing Director
| Ferrum Crescent Limited Laurence Read (UK representative) T: +44 7557 672 432
RFC Ambrian Limited (Nominated Adviser) Andrew Thomson/Oliver Morse T: +61 8 9480 2500
Hume Capital Securities (Broker) Jon Belliss T: +44(0)20 3693 1470
|
South Africa enquiries: | Bravura Capital (Pty) Ltd Doné HattinghT (direct): +27 11 459 5037
|
Notes to Editors:
Ferrum Crescent's principal project is the Moonlight Iron Ore Project located in Northern South Africa. The Moonlight Deposit (upon which the Moonlight Iron Ore Project ("Moonlight" or the "Project") is based) is a magnetite deposit located on the Moonlight, Gouda Fontein and Julietta farms in Limpopo Province in the north of South Africa, and is the main operational focus for the Company. Iscor Limited ("Iscor"), which explored the Project in the 1980s and '90s, reported mineralisation capable of producing a concentrate grading at 68.7% iron (Fe). At that time, Iscor concluded that the deposit, which was described as comparable to the world's best, was easily mineable due to its low waste-to-ore ratio. The beneficiation attributes of Moonlight ore are extremely impressive, with low-intensity magnetic separation considered suitable for optimum concentration.
Metallurgical tests of Moonlight material, undertaken since then by Ferrum Crescent, suggest that Iscor's historical results are conservative, that good metal recoveries can be achieved, and that the resulting concentrates have a high iron content and only negligible impurities, at grind sizes considered to be industry standard (P80 of 75 microns).