Iron Ore and Manganese Development in South Africa and Mozambique

Mineweb reports that Ferrex plc (LON:FXPO), an African focused iron ore and manganese development company, opened on AIM today.

The market news is quoted as saying,

The Company has raised £2 million before expenses by way of a placing of 66,666,667new Ordinary Shares at 3 pence per share (‘the Placing’), giving it a market capitalisation of approximately £15.5 million on Admission.  The money raised will be used to advance and expand the Company’s portfolio of iron ore and manganese projects in South Africa and Mozambique through the exploration and development cycle and towards production.  Ocean Equities Limited is Broker to the Company and Grant Thornton Corporate Finance is its Nominated Adviser.

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