Lead-zinc explorer Ferrum Crescent Limited (LON:FCR) has raised around £225,521 in a placing to advance ongoing exploration in North West Spain.
More than 322mln shares were issued, via agent Beaufort Securities, at 0.07 pence each. Shares closed yesterday at 0.095p.
Justin Tooth, Executive Chairman of FCR, said: "With our maiden near surface drilling programme now underway at our promising Toral lead-zinc project in North West Spain, today's small fundraising will augment our working capital position ahead of receiving our first exploration results.
He added: "Our initial drill campaign will enable us to identify if, and where, lead-zinc mineralisation occurs near surface, above the mineralised areas historically identified by third parties, and to ratify our new geological theory for this deposit."