Lead and zinc explorer Ferrum Crescent Limited (LON:FCR) has raised £185,250 through a share placing that will see mining veteran Colin Bird become a strategic shareholder.
Bird, along with some of his associates, have snapped up 370.5mln shares at 0.05p apiece and have a further 185.25mln options which are exercisable at 0.075p.
WATCH: Ferrum Crescent boss delighted with Colin Bird alliance
Ferrum executive director Laurence Read admitted the amount raised was “limited” but that the main purpose was to get Bird involved – an addition which he said “could really make a difference”.
“Colin has a significant track record of delivering value for shareholders from the exploration, sale, development and operation of mining projects,” said Read in a statement on Thursday.
“By placing the company's equity with such an investor group, I believe that FCR can leverage meaningful value from the ongoing exploration of its promising Toral lead-zinc asset in Spain.”
Bird has been involved with a series of publicly-listed mining companies including Kiwara, which he built up from the ground and sold for US$260mln back in 2009.
He’s currently chief executive of Galileo Resources PLC (LON:GLR) and chairman of Xtract Resources PLC (LON:XTR), both of which are listed on AIM.
Shares were down 12.7% to 0.07p on Thursday morning.