Business
Interim results for the 6 months ended 31 Dec 2020
Interim results for the 6 months ended 31 Dec 2020.
About this update from Ironveld Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8620T\n Ironveld PLC\n 30 March 2021\n \n \n \n \n \n \n \n \n \n \n 30 March 2021\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 2020\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 2020 (\"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 continued low level of activity whilst negotiations for development funding continued; and\n \n \n · \n Board Change - departure of Vred von Ketelhodt as full time CFO in order to reduce overhead cost base.\n \n \n \n \n \n Financial\n \n \n \n \n \n · \n Placing completed in December 2020 raised gross proceeds of £1.15 million following the agreed lapse of the IIG Option Agreement originally entered into in March 2020; \n \n \n · \n Loans and other liabilities totalling over £1.4 million were settled in shares, thereby strengthening the Group's balance sheet position; and\n \n \n · \n Talks at an advanced stage with a major partner seeking to take a strategic equity stake in the Company at a premium to the current share price.\n \n \n \n \n \n \n \n \n Martin Eales, CEO, said:\n \n \n \n \n \n \"The six months to December 2020 ultimately proved frustrating and despite best efforts, we were unable to conclude the envisaged transaction with IIG. We have, however, made material progress on a possible alternative transaction in the early part of this year, which we hope to conclude in the coming weeks. \n \n \n \n \n \n \"We thank our shareholders for their support in the recent equity Placing and look forward to providing further updates as we make continued progress.\" \n \n \n \n \n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n \n Ironveld plc\n \n \n Martin Eales, Chief Executive Officer\n \n \n \n \n c/o Blytheweigh\n \n \n 020 7138 3204\n \n \n \n \n \n \n \n \n \n \n \n...