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GBP 2.165M Placing & Notice of General Meeting
GBP 2.165M Placing & Notice of General Meeting.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 3823W Ferrex PLC 25 January 2013 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n25 January 2013\nFerrex plc ('Ferrex' or the 'Company')\n£2.165 Million Placing and Notice of General Meeting\n \nFerrex plc, the AIM quoted iron ore and manganese development company focused in Africa, is pleased to announce that it has conditionally raised £2.165 million (before expenses) by means of a Placing of 135,312,500 new Ordinary Shares at a price of 1.6 pence per new Ordinary Share. The Placing comprises 122,812,500 new Ordinary Shares to be placed by finnCap with institutional and other investors pursuant to the Placing Agreement and 12,500,000 new Ordinary Shares to be issued to certain of the Directors pursuant to the Subscription Agreements (the \"Direct Subscription\"). The issue of the Placing Shares is conditional, inter alia, on the passing of the Resolutions at a General Meeting, notice of which is expected to be posted to shareholders by Monday 28 January 2013.\n \nThe Company intends to utilise the proceeds of the Placing to fast-track the development of its iron ore and manganese portfolio of low-capex assets in Africa, which benefit from their location close to established infrastructure, up the development curve and into production. The Company's portfolio includes the Nayega manganese project in Togo ('Nayega'), the Megaba iron ore deposit in Gabon ('Megaba'), and the Malelane iron ore project in South Africa ('Malelane'). \n \nFerrex is due to conduct a Bankable Feasibility Study at Nayega which is due for completion in H1 2013. The Nayega deposit has an Indicated JORC resource of 7.3Mt at 14.7% Mn and initial Scoping Study results indicate that the project could produce 250,000 tonnes of 38% concentrate per annum. From here, the Company plans to commence development at Q4 2013/Q1 2014, with a view to production. \n \nAt the Company's recently acquired Megaba deposit in Gabon, which has been shown to include Direct Shipping Ore grade iron ore, defined over 1.8km of strike, based on previous exploration undertaken by the French public earth sciences institution, Ferrex plans to define a JORC compliant resource (exploration target 20Mt at 60% Fe) and take the project through to a Scoping Study stage by the end of 2013. \n \nA...