Lead and zinc explorer Ferrum Crescent PLC (LON:FCR) has raised nearly £200,00 to fund further exploration at its Toral and Lago projects in Spain.
Shares were issued at 0.09p by new house broker, Peterhouse.
The explorer yesterday reported it had hit high lead-zinc concentrations near the surface at Toral.
Six holes in the latest drill programme all hit lead and zinc while three contained high grade zinc intercepts.
Justin Tooth, executive chairman, described the results as ‘most positive’, especially the grades above 10% within 200 metres of surface.
Zinc prices have also risen strongly in recent months, he noted.
Ferrum raised £225,00 in June through a placing at 0.095p.