LONDON (ShareCast) - AIM-listed metal explorer Ferrum Crescent on Friday received the first tranche of funding from an investor for an iron ore project in South Africa.

The payment, which totalled $500,000, follows Anvwar Asian Investment's agreement to vest at 35% interest in the subsidiary company holding the Moonlight assets for a total of £10m.

The next payment is due by the end of April.

Ferrum said it would use the funds to progress a feasibility study at the Moonlight magnetite iron ore project.

Ferrum Crescent Managing Director, Tom Revy, said: "As funds are being secured for the company through the AAI agreement, we are simultaneously planning the next stage of the Moonlight bankable feasibility study. I look forward to updating the market shortly on the project and forward work."

NR

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