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 (
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
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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