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On 6 June 2024, Ironveld PLC provided an update on funding discussions with a South Africa-based external funding partner for a transaction originally expected to close in H1 2024. The Company received a communication indicating the finance package may be substantially reduced, with a formal offer still subject to further due diligence. The timeframe for securing this funding is now anticipated to be extended by up to four months.
| Date | 6 Jun 2024 |
| Time | 12:22:36 |
| Category | Corporate updates |
| ID | 4523R |
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the company's obligations under Article 17 of MAR.
6 June 2024
IRONVELD PLC
("Ironveld" or the "Company")
Update on Funding Discussions
Ironveld PLC, the owner of a High Purity Iron, Vanadium, and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa, provides an update regarding discussions with the South Africa-based external funding partner on a direct institutional funding transaction, originally expected to close in H1 2024.
The Company has received a communication which suggests that the finance package potentially available may be substantially reduced from that original envisaged and that the formal offer of funding remains subject to further due diligence. In addition, following the recent South African elections, it is anticipated all strategic investments will await new policy decisions from decision makers yet to be appointed. Accordingly, the timeframe for securing the funding could be extended by up to four months.
In light of these developments, the Company and its management are evaluating the impacts and are assessing options to address the situation.
For further information, please contact:
Ironveld plc
Kris Andersson, CEO
c/o BlytheRay
020 7138 3204
Cavendish Capital Markets Limited (Nomad and Broker)
Derrick Lee / Adam Rae
Turner Pope (Joint Broker)
Andy Thacker/James Pope
020 7220 0500
020 3657 0050
BlytheRay
Megan Ray/Tim Blythe
020 7138 3204
Notes to Editors:
Ironveld (IRON.LN) is the owner of Mining Rights over approximately 28 kilometres of
outcropping Bushveld magnetite with a SAMREC compliant ore resource of some 56 million tons of ore grading 1,12% V2O5, 68,6% Fe2O3 and 14,7% TiO2.
In 2022 Ironveld agreed to acquire and refurbish a smelter facility in Rustenburg, South Africa, in which it can process its magnetite ore into the marketable products of high purity iron, titanium slag and vanadium slag. This transaction became unconditional in March 2023.
Ironveld is an AIM traded company. For further information on Ironveld please refer to
www.ironveld.com.