Ferrex has entered into placing agreements to raise £1.655 million gross through the issue of 92. 5 million ordinary 0.5p shares in the AIM-quoted iron ore and manganese African development company to continue the development of its low capex African iron ore and manganese assets, which are close to infrastructure, as well as for working capital purposes.
“We are pleased to secure this additional capital which will support the company as we look to complete a number of milestones which have been initiated over the past year which have the potential to add significant value to the company,” said Ferrex MD Dave Reeves.
“The funding will allow us to complete the DFS at our Nayega manganese project in Togo, continue operations at the Mebaga iron ore project in Gabon until the proposed funding transaction has completed and pay for the ongoing feasibility study costs at the Malelane iron ore project, in South Africa. With the anticipated near term completion of various of these milestones, the company looks forward to providing further updates on each of the projects shortly thereby benefiting from the equity swap arrangements.”
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Ferrex raises £1.655M to develop assets in Africa