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Ferrum Crescent withdraws fundraising resolution

05 October 2017 14:05

Ferrum Crescent (FCR) has confirmed the withdrawal of the resolution seeking shareholder approval to raise up to A$2.7m by way of private placement at the upcoming general meeting.

FCR said that, following the resignation of its Executive Chairman on 26 September, the Board is in the process of performing a comprehensive operational review, focused on how best to derive value for FCR shareholders from the Toral lead-zinc asset.

From initial work completed, the Board believes that it is possible its pursue a strategy to build value at the Toral lead zinc asset for a cost lower than originally planned and, therefore, the full A$2.7 million which the Board originally envisaged would be required to be raised in a placing, may not be required. The results of the operational review will be announced in due course.

At 2:05pm: (LON:FCR) Ferrum Crescent Ltd share price was +0.02p at 0.06p

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