Ferrum Crescent (ASX: FCR) has received the first tranche of US$500,000 from Anvwar Asian Investment as part of the agreement to vest a 35% interest in its the Moonlight iron assets in South Africa for a total of US$10 million.
A further tranche of US$500,000 is to be paid by Anvwar by 30 April 2014, and Ferrum will use the funds to progress its bankable feasibility study at Moonlight.
The Moonlight Deposit is capable of producing and shipping high-grade pellet ore using existing infrastructure, and hosts 307.8 million tonnes at 26.9% iron.
This resource includes 52.6 million tonnes at 31.3% iron in the measured category, 83 million tonnes at 27.4% iron indicated and 172.1 million tonnes at 25.3% iron inferred.
Late last year, Ferrum raised an additional $1.5 million for Moonlight, issuing 48 million shares at $0.0315, to raise $1.5 million.
Together with Anwar's investment, this demonstrates confidence of investors in the robust economics of the Moonlight project.
Ferrum last traded at $0.02 and is capitalised at $8 million, which would appear good value, as Anwar are paying more than that for 35% of the Moonlight deposit.
*Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.* Reported by Proactive Investors 3 hours ago.
A further tranche of US$500,000 is to be paid by Anvwar by 30 April 2014, and Ferrum will use the funds to progress its bankable feasibility study at Moonlight.
The Moonlight Deposit is capable of producing and shipping high-grade pellet ore using existing infrastructure, and hosts 307.8 million tonnes at 26.9% iron.
This resource includes 52.6 million tonnes at 31.3% iron in the measured category, 83 million tonnes at 27.4% iron indicated and 172.1 million tonnes at 25.3% iron inferred.
Late last year, Ferrum raised an additional $1.5 million for Moonlight, issuing 48 million shares at $0.0315, to raise $1.5 million.
Together with Anwar's investment, this demonstrates confidence of investors in the robust economics of the Moonlight project.
Ferrum last traded at $0.02 and is capitalised at $8 million, which would appear good value, as Anwar are paying more than that for 35% of the Moonlight deposit.
*Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.* Reported by Proactive Investors 3 hours ago.