Business
Interim results
Interim results.
About this update from Ironveld Plc
[{"type":"text","content":"\n \n \n RNS Number : 0178I\n Ironveld PLC\n 30 March 2020\n \n \n \n \n \n \n \n \n \n \n 30 March 2020\n \n \n \n \n \n IRONVELD PLC\n \n \n (\"Ironveld\" or the \"Company\")\n \n \n \n \n \n Interim results for the six months ended 31 December 2019\n \n \n \n \n \n Ironveld plc, the owner of a High Purity Iron (\"HPI\"), Vanadium and Titanium project located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa (the \"Project\") is pleased to announce its interim results for the six months ended 31 December 2019 (\"the period\"). \n \n \n \n \n \n Highlights\n \n \n \n \n \n Operational\n \n \n \n \n \n ·\n Overheads incurred during the period reflected low level of activity whilst negotiations for development funding continued;\n \n \n ·\n Strategic Review process announced in July 2019 led to a number of inbound enquiries; and\n \n \n ·\n Board Changes - departure of Rupert Fraser and Duncan Harvey as Non-Executive Directors and appointment of new Chief Executive Officer, Martin Eales.\n \n \n \n \n \n Financial\n \n \n \n \n \n ·\n Loan Facilities of up to £260,000 agreed post period end provided short term funding prior to completion of a larger financing transaction; and\n \n \n ·\n Option Agreement signed with Inclusive Investment Group (\"IIG\") for up to US$3.2 million of funding announced today.\n \n \n \n \n \n \n \n \n Martin Eales, CEO, said:\n \n \n \n \n \n \"As announced today Ironveld intends to enter into a major new strategic partnership with IIG following the granting of an Option which, when approved by shareholders and exercised, will result in IIG taking an ownership position in the Company of approximately 36.0 per cent. in exchange for a total cash subscription of US$2.2 million (approximately £1.85 million). The non-refundable Option fee of US$250,000 (approximately £210,000) is a significant demonstration of IIG's commitment to the proposed transaction.\n \n \n \n \n \n \"We thank our shareholders for their continued support and look forward to providing further updates as we make continued progress.\" \n \n \n \n \n \n \n \n \n For further information, please contact: Ironveld plcMartin Eales, Chief Executive Officerc/o Blytheweigh020 7138 3...