Exploration company Ferrum Crescent, which will soon be known as Europa Metals, has completed a fundraising to progress resource delineation and to commission an initial scoping study at its lead/zinc project, in Spain.
The company on Tuesday issued new shares and options to raise about £1-million, before expenses, following the previous day’s shareholders meeting where the issue of equity was approved. The fundraising comprised 1 739 130 435 new shares at a subscription price of 0.0575p each.
The net proceeds will enable Ferrum Crescent to build upon the Toral project's maiden resource estimate of 16-million tonnes at 6.9% zinc-equivalent (including lead credits) and 25 g/t silver through the completion of all key Stage 1 work for 2018.
The work includes an eight-hole drilling programme east along strike to potentially identify further scale for the resource; an initial scoping study to better assess the Toral project, detailing infrastructure requirements, potential mining methodologies and marketing options; and metallurgical test work on existing core samples to progress the company's understanding of likely, saleable concentrates from a full mining operation.
Ferrum Crescent maintains listings on the ASX, Aim and JSE.