Wrap Text
Placing and issue of options
FERRUM CRESCENT 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
Australian ISIN: AU000000WRL8
South African ISIN: AU000000FCR2
2 November 2017
Ferrum Crescent Limited
(“FCR”, the “Company” or the “Group”) (ASX, AIM, JSE: FCR)
Placing to raise approximately £185,250 (gross) and issue of Options
FCR, the European lead-zinc explorer, announces that it has conditionally raised approximately
£185,250 before expenses, through a placement via Beaufort Securities Limited (“Beaufort Securities”)
as agent of the Company, of 370,499,858 new ordinary shares of no par value each in the capital of the
Company (the “Placing Shares”), at a price of 0.05 pence per new ordinary share, together with the
issue of 185,249,929 options (the “Placing Options”) exercisable at a price of 0.075 pence per new
ordinary share for a period of thirty months from the date of issue (the “Placing”).
The Placing has been conducted with Mr Colin Bird and certain of his associates, including African
Pioneer Plc (together, the “Investor Group”). FCR believes that an alignment with a strategic shareholder
group of this calibre will enable the Company to derive additional value from its ongoing exploration
work, focussed on its wholly owned Toral lead-zinc project in Spain. The Company expects to benefit
from having such a new supportive strategic shareholder group on its register, providing significant
exploration expertise and with a historical track record in value creation.
Mr Colin Bird, who has participated in the Placing in a private capacity, has been involved with a series
of publicly quoted mining companies including Kiwara Plc, which was sold to First Quantum Minerals
(TSX: FM) for US$260 million in November 2009, whilst its project was undertaking infill drilling at the
Kalumbila copper-nickel deposit in northwestern Zambia.
The Investor Group has conditionally agreed to subscribe for a total of 370,499,858 Placing Shares, at
a price of 0.05 pence per share, to raise approximately £185,250 (gross). Following these subscriptions,
the Investor Group will hold, in aggregate, 370,499,858 ordinary shares, representing approximately
12.13 per cent. of the Company’s enlarged issued ordinary share capital.
The Placing is conditional on, inter alia, admission of the Placing Shares to trading on AIM (“Admission”).
The issue of the Placing Shares falls within the Company’s existing placement capacity under ASX
Listing Rule 7.1, such that specific shareholder approval is not required.
Use of proceeds
The Company intends to utilise the net proceeds from the Placing to support its ongoing lead-zinc
exploration programme in North West Spain and for general working capital purposes. As announced
on 17 October 2017, the Company is currently working with an independent resource consultant to
prepare a maiden JORC (2012) resource estimate for its Toral lead-zinc project, which is currently
expected to be completed by the end of 2017.
Issue of options
In addition to the abovementioned issue of 185,249,929 Placing Options, the Company has agreed to
issue a further 50,000,000 options to Beaufort Securities Limited, exercisable at a price of 0.075 pence
per new ordinary share, for a period of thirty months from their date of issue (the “Broker Options”).
The issue of both the Placing Options and the Broker Options is subject to shareholder approval at a
General Meeting of the Company, to be convened shortly.
Application to trading
Application will be made for quotation of the Placing Shares on the Australian Securities Exchange and
the JSE Limited, and to the London Stock Exchange plc for Admission. It is expected that Admission
will become effective and that dealings in the Placing Shares will commence on AIM at 8.00 a.m. on 8
November 2017. The Placing Shares will be fully paid and will rank pari passu in all respects with the
Company’s existing ordinary shares.
Following Admission, the total issued ordinary share capital of the Company will comprise 3,055,281,439
ordinary shares.
Commenting today, Laurence Read, Executive Director of FCR, said:
“We are pleased to have received the backing of Colin Bird and his associates. Colin has a significant
track record of delivering value for shareholders from the exploration, sale, development and operation
of mining projects. By placing the Company’s equity with such an investor group, I believe that FCR can
leverage meaningful value from the ongoing exploration of its promising Toral lead-zinc asset in Spain.
“The Company’s strategy remains focused on cost-effectively defining economically-attractive lead-zinc
assets at a time when zinc demand is at a significant high. Our objective is to define a maiden JORC
(2012) resource estimate for Toral by the end of 2017.”
Commenting today, Colin Bird said:
“I am pleased to have supported this financing together with my associates in a material way. We back
the existing management of FCR and look forward to sharing our ideas with the Board, working towards
the Company’s future development.”
For further information on the Company, please visit www.ferrumcrescent.com or
www.fcrexploration.com or contact:
Ferrum Crescent Limited
Grant Button, Chairman (Australia)
T: +61 8 9474 2995
Laurence Read, Executive Director (UK)
T: +44 (0)20 3289 9923
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler
T: +44 (0)20 7409 3494
Beaufort Securities Limited (Broker)
Elliot Hance
T: +44 (0)20 7382 8300
Peterhouse Corporate Finance Limited (Broker)
Lucy Williams / Duncan Vasey / Heena Karani
T: +44 (0)20 7469 0930
Bravura Capital (Pty) Ltd (JSE Sponsor)
Melanie De Nysschen
T (direct): +27 11 459 5052
The information contained within this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulation (EU) No. 596/2014.
Date: 02/11/2017 10:30:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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