3 Jun 2015 07:00
3 June 2015
Ferrum Crescent Limited
("Ferrum Crescent", the "Company" or the "Group")(ASX: FCR, AIM: FCR, JSE: FCR)
Extension of Deadline for First Funding Payment from PMI
Ferrum Crescent, the ASX, AIM and JSE Listed quoted iron ore developer, announces that further to the Company's announcement of 5 May 2015 in respect of the BFS financing agreement, it has granted Principle Monarchy Investments (Proprietary) Limited ("PMI") an extension to the deadline for its first funding payment of R2 million due under the terms of the memorandum of understanding ("MOU"). The first funding payment was scheduled to have been made by 1 June 2015, but PMI has requested an extension in order to enable it to complete its internal restructuring.
Under the revised terms of the MOU, the first R2 million funding payment must now be made by 14 July 2015. Upon such payment, the MOU will then become legally binding and PMI will thereafter be required to continue to pay R2 million per month until completion of the first subscription tranche of R30 million, which must still be paid by 1 December 2015, with the monthly payments to be credited towards this first subscription tranche.
For further information on the Company, please visit www.ferrumcrescent.com or contact:
Australia enquiries: | UK enquiries: |
Ferrum Crescent Limited Tom Revy T: + 61 8 9474 2995 Managing Director
| Ferrum Crescent Limited Laurence Read (UK representative) T: +44 7557672432 Strand Hanson Limited (Nominated Adviser) Rory Murphy/Matthew Chandler T: +44 20 7409 3494 Beaufort Securities (Broker) Elliott Hance +44 20 7382 8416
|
South Africa enquiries: | Bravura Capital (Pty) Ltd (JSE Sponsor) Doné HattinghT (direct): +27 11 459 5037
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Europa Metals (EUZ)