FERRUM CRESCENT LIMITED - Issue of shares in terms of Salary Sacrifice Share Plan

Issue of shares in terms of Salary Sacrifice Share Plan

FERRUM CRESCENT LIMITED
(Previously Washington Resources Limited)
(Incorporated and registered in Australia and registered as an
external company in the Republic of South Africa)
(Registration number A.C.N. 097 532 137)
(External company registration number 2011/116305/10)
Share code on the ASX: FCR
Share code on AIM: FCR
Share code on the JSE: FCR           ISIN: AU000000FCR2
(“Ferrum Crescent” or the “Company


ISSUE OF SHARES

Ferrum Crescent announces that the Company has today issued
4,078,060 ordinary shares to Messrs Ed Nealon, Robert Hair and
Andrew Nealon under the terms and conditions of the Ferrum
Crescent Director and Senior Management Fee and Remuneration
Sacrifice Share Plan (the “Plan”). The shares have been issued
to Messrs Ed Nealon and Robert Hair in lieu of their salaries
for the period from 1 April 2012 to 30 November 2012 and for
Andrew Nealon for the period from 1 September 2012 to 30
November 2012 at an average weighted average price for the last
5 days prior to each month end.

On 8th August 2012, the Company’s shareholders approved the Plan
under which Directors and Senior Managers of the Company who are
eligible to be offered shares without prospectus disclosure may
elect to sacrifice part or all of their directors’ fees or
executive remuneration to acquire shares in the Company. The
purpose of the Plan is to help align the interests of Directors
and Senior Managers with those of shareholders by encouraging
Director and Senior Manager share ownership and (where such
shares are newly issued) preserve cash in the Company. Further
detail on the Plan may be found in the Company’s Notice of
General Meeting of Shareholders dated 29 June 2012.

A breakdown of each Company officer’s share issue is provided
below:

                              1
Name               No. of          Average           Total       % of
                   Shares            Price    Shareholding   Enlarged
                   Issued                       Post Issue     Issued
                                                                Share
                                                              Capital
Ed Nealon       1,039,532      AUD$0.051         4,184,532       1.27
Robert Hair     2,650,808      AUD$0.051         7,696,118       2.34
Andrew            387,720      AUD$0.039         1,032,133       0.31
Nealon

Accordingly, application has been made for 4,078,060 Ferrum
Crescent shares to be admitted to trading on the Australian
Securities Exchange Limited, the AIM market of the London Stock
Exchange and on the JSE Limited. Admission is expected to become
effective at 09:00am (Australian Eastern Daylight Savings time),
8:00am (UK time) and 09:00am (SA time) on 14 December 2012.

Following admission the Company will have 328,201,385 fully paid
ordinary shares in issue.

Additionally, the Company has today granted 400,000 options to
Mr Vernon Harvey, Chief Operating Officer. The Options have been
granted under the terms and conditions of the Ferrum Crescent
Ltd Employee Option Plan. The Options will be unquoted, granted
for no consideration but will be exercisable at AUD$0.10 on or
before 14th December 2015.

For more   information,   please   visit     www.ferrumcrescent.com   or
contact:

Australia and Company enquiries:
Ferrum Crescent Limited
Ed Nealon T: +61 8 9380 9653
Executive Chairman

Bob Hair T: +61 414 926 302
Managing Director

UK enquiries:
Ocean Equities Limited (Broker)
Guy Wilkes T: +44 (0) 20 7786 4370

RFC Ambrian Limited (Nominated Adviser)

                                   2
Richard Morrison T: +44 (0) 20 3440 6800
Jen Boorer T: +44 (0) 20 3440 6800

South Africa enquiries:
Sasfin Capital
Leonard Eiser T: +27 11 809 7500


Johannesburg
14 December 2012

Sponsor
Sasfin Capital (a division of Sasfin Bank Limited)




                              3

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