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Provider: Reuters Investment Profile
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Provider: Directors Deals Ltd.
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Ferrex PLC Announces New Ordinary Shares


Friday, 25 Jan 2013 05:32am EST 

Ferrex PLC announced that it has conditionally raised £2.165 million (before expenses) by means of a Placing of 135,312,500 new Ordinary Shares at a price of 1.6 pence per new Ordinary Share. The Placing comprises 122,812,500 new Ordinary Shares to be placed by finnCap with institutional and other investors pursuant to the Placing Agreement and 12,500,000 new Ordinary Shares to be issued to certain of the Directors pursuant to the Subscription Agreements (the "Direct Subscription"). The issue of the Placing Shares is conditional, inter alia, on the passing of the Resolutions at a General Meeting, notice of which is expected to be posted to shareholders by 28 January 2013. The Company intends to utilize the proceeds of the Placing to fast-track the development of its iron ore and manganese portfolio of low-capex assets in Africa, which benefit from their location close to established infrastructure, up the development curve and into production. 

Company Quote

1.05
-0.05 -4.55%
9:14am EDT