Business
Ferrum Update & Proposed Private Placement
Ferrum Update & Proposed Private Placement.
About this update from Emmerson Plc
[{"type":"text","content":"\n \nRNS Number : 3245O Emerging Metals Limited 15 September 2011 \n \n\nFor Immediate Release: 15 September 2011\n \nEmerging Metals Limited\n(\"EML\" or the \"Company\")\n \nUpdate on Ferrum Resources Limited and Proposed Private Placement\n \n\nEML is pleased to present this update on its 37.23 per cent associated company Ferrum Resources Limited (\"Ferrum\") and to announce that the Company is undertaking a private placement to parties (including certain EML directors) of up to £2,000,000 in support of Ferrum's ongoing project activities. The majority of the proceeds will be advanced to Ferrum to fund its ongoing exploration programme in Sierra Leone. As previously announced, EML holds an option to acquire all of the issued and to be issued share capital of Ferrum which it does not already own which it has determined (despite initial positive due diligence), given current market conditions, that it will not presently exercise.\n \nFerrum Highlights\n \n· Geophysics and preliminary exploration activities have commenced on Ferrum's interests in Sierra Leone and Cameroon, West Africa - together comprising an extensive lease area of approximately 6,500 square kilometres.\n· Potential for discovery and development of world class iron ore deposits.\n· Neighbouring explorers are far advanced with the exploration of iron ore resources - Sundance Resources Limited and Afferro Mining Inc. in Cameroon and Cape Lambert Resources Limited and African Minerals Limited in Sierra Leone.\n· Both Sierra Leone and Cameroon have attractive regulatory frameworks for mining, a commitment by the respective Governments to infrastructure development and political stability and in each country there are advanced iron ore projects underway.\n· In the Central African Republic (\"CAR\"), Ferrum awaits the award of exploration permits covering the Topa iron ore project; to date Ferrum has not been granted exploration rights in the CAR.\n \nBackground\n \nFerrum is a private British Virgin Islands company which aims to become a major international iron ore mining and exploration group. In addition to its recently acquired Cameroon iron ore interests (63.53 ...