Business
GBP700k Placing to Advance African Portfolio
GBP700k Placing to Advance African Portfolio.
About this update from Keras Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8079V Ferrex PLC 18 December 2013 \n \n\nFerrex plc / Index: AIM / Epic: FRX / Sector: Mining\n18 December 2013\nFerrex plc ('Ferrex' or 'the Company')\n£700,000 Placing to Advance Iron Ore and Manganese Assets in Africa\n \nFerrex plc, the AIM quoted iron ore and manganese development company focused in Africa, is pleased to announce that it has raised approximately £700,000 before costs by way of a placing of 36,114,427 new ordinary shares in the Company ('the Placing Shares') at a price of 1.95 pence per Placing Share ('the Placing') with institutional investors ('the Placees'). Additionally, for every two Placing Shares, Placees will receive a warrant to subscribe for a new ordinary share at 2.5 pence per share valid for two years. The funds raised will be used to advance the Company's low capex iron ore and manganese deposits in Africa, all of which are ideally located close to established infrastructure, up the development curve, as well as for working capital purposes. \n \nFerrex's CEO Dave Reeves said, \"I am delighted with the support we have received in this raising from current and new shareholders which further underpins our strategy of developing low capex iron ore and manganese deposits, close to infrastructure in Africa. The coming year will be an active one for Ferrex with further drilling at the Mebaga DSO Iron Ore Project, the conclusion of the Nayega bankable study and the commencement of its development through to production. In addition, we have a range of other project level funding initiatives in the pipeline which, if implemented, we believe will complement this Placing and enable us to further advance our key projects in Africa and unlock value for shareholders for the year ahead.\"\n \nFurther Information \nFerrex's primary focus is its flagship Mebaga Iron Ore Project in Gabon ('Mebaga'), a high grade DSO project located in an extensive iron ore rich province in the north of the country. Mebaga has an exploration target of 90 to 150mt @ 35 to 65% Fe (Oxide target) and 550mt to 900mt @ 25% to 40% Fe (Primary target) defined over an 8km strike length, and a further 11km of strike has been identified where the Board believes significant upside potential lies. An initial nine hole drilling programme completed in Q4 ...