Ferrum Crescent Ltd Termination of Farm-in and JV Agreement, Moonlight (9215W)
February 15 2017 - 2:00AM
UK Regulatory
TIDMFCR
RNS Number : 9215W
Ferrum Crescent Ltd
15 February 2017
15 February 2017
Ferrum Crescent Limited
("Ferrum Crescent", the "Company" or the "Group")(ASX, AIM, JSE:
FCR)
Termination of Farm-in and Joint Venture Agreement re Moonlight
Project
Ferrum Crescent, the ASX, AIM and JSE quoted metals developer,
announces, further to its previous announcement of 16 January 2017,
that the farm-in and joint venture agreement between Ferrum Iron
Ore (Proprietary) Limited ("FIO"), Ferrum South Africa
(Proprietary) Limited ("FSA") and Business Venture Investments No.
1709 (Proprietary) Limited ("BVI") (the "Agreement") for the
production of a bankable feasibility study ("BFS") for the
Company's Moonlight Iron Project in Limpopo Province, northern
South Africa has now been formally terminated by FIO and FSA in
accordance with its terms.
Under the terms of the Agreement (details of which were first
announced by the Company on 14 October 2015), BVI was entitled to
earn up to a 43 per cent. equity interest in FIO through the
completion and full funding of the BFS, which was to be conducted
in two phases. As announced on 14 January 2016, the Company agreed
to extend the timetable for BVI to complete BFS Phase 1, however,
as announced on 16 January 2017, BVI failed to complete BFS Phase 1
by that extended deadline of 12 January 2017. Consequently, and in
accordance with the terms of the Agreement, BVI has not earned any
equity interest in FIO.
The Company is considering its options in relation to the
potential development of the Moonlight Project, and will make
further announcements as and when appropriate.
For further information on the Company, please visit
www.ferrumcrescent.com or contact:
Ferrum Crescent Limited
Justin Tooth, Executive Chairman
Grant Button, Director and Company Secretary T: +61 8 9474 2995
UK enquiries:
Laurence Read (UK representative) T: +44 7557 672 432
Strand Hanson Limited (Nominated Adviser)
Rory Murphy/Matthew Chandler T: +44 (0)20 7409 3494
Beaufort Securities Limited (Broker)
Elliot Hance T: +44 (0)20 7382 8300
Bravura Capital (Pty) Ltd (JSE Sponsor)
Doné Hattingh T (direct): +27 11 459 5037
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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