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Ferro Iron Ore Corp. (RRO.V) reported that it intends to complete a non-brokered private placement financing for gross proceeds of up to $1 million, issuing up to 4,000,000 common shares at a price of $0.25 per share.

The company intends to use the net proceeds of the financing for completion of exploration work on the Mongolian Exploration License upon closing of the previously announced business combination of the company with CTL and Accuracy Trade Limited ( ATL ).

The intended work program includes a National Instrument 43-101 Technical Report, a detailed geophysical program, trenching, legal and accounting, plus general and administrative fees to complete this work.

In connection with the proposed business combinations, the company intends to complete an additional equity financing to raise approximately $1.85 million, which will include an additional $500,000 from parties related to the shareholders of CTL.

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