Last checked at 26 Jul 2016 13:21
Onzima Ventures PLC
("Onzima" or the "Company")
Investment in Ferrum Crescent Limited
Onzima (AIM: ONZ) is pleased to announce that it has participated in the £374,000 fundraising announced on 25 July by Ferrum Crescent Ltd ("Ferrum").
Onzima has invested approximately £64,500 acquiring 32,226,485 shares at 0.2p and, subject to approval at a general meeting of Ferrum, 32,226,485 options exercisable at 0.3p per share for 2 years.
The Board of Onzima commented:
"We are pleased to have increased our exposure to the upside of Ferrum Crescent whilst adding approximately £100,000 of options to our portfolio."
Ferrum, the ASX, AIM and JSE quoted metals project developer, has stated that it intends to use the net proceeds from the Placing for the Group's general working capital purposes. This includes in due course, subject to the exercise of the company's option over GoldQuest Iberica, S.L. ("GoldQuest"), a planned structured work programme across GoldQuest's Toral and Lago lead-zinc exploration projects in the provinces of León and Garcia (the "Iberian Projects"), with the objective of establishing a maiden JORC Code compliant resource estimate at the Iberian Projects, the rapid establishment of metallurgical characteristics and a viable metals separation and processing profile.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact:
Onzima Ventures PLC Tel: +44 (0) 1732 366 561
Gavin Burnell, Luke Cairns
Nominated Adviser
Cairn Financial Advisers LLP Tel: +44 (0) 20 7148 7900
Sandy Jamieson, Liam Murray
Broker
Peterhouse Corporate Finance Limited Tel: +44 (0) 20 7469 0930
Guy Miller, Lucy Williams