Business
Major Investment to Raise £5.6 million
Major Investment to Raise £5.6 million.
About this update from Ironveld Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8767P\n Ironveld PLC\n 22 October 2021\n \n \n \n \n THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 (\"MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. \n \n \n Ironveld Plc\n \n \n (\"Ironveld\" or the \"Company\")\n \n \n \n Major Investment Agreement to raise £5.6 million at 1.0p per share \n \n for Project Funding\n \n \n Ironveld \n (AIM: IRON)\n \n is pleased to announce a proposed new major investment by Grosvenor Resources Pty Limited (\"Grosvenor\"). Conditional only on shareholder approval, Grosvenor will invest £5.6 million (the \"Subscription Funds\") in the Company via a subscription (the \"Subscription\") for \n 561,505,950 new ordinary shares (the \"Subscription Shares\") in the Company at 1.0p per Subscription Share (the \"Subscription Price\").\n \n \n Highlights\n \n \n \n · \n Issue of \n 561,505,950\n Subscription Shares at 1.0p per Subscription Share to Grosvenor for 29.9 per cent. of the enlarged issued share capital of the Company;\n \n \n · \n Grosvenor is a new South African private company formed by young black entrepreneurs who wish to expand their investments and mining operations in South Africa beyond the bulk commodities space and develop high-value vertically integrated projects;\n \n \n · \n The Subscription Price of 1.0 pence per Subscription Share represents a premium of \n 62.3 per cent. compared to the 20-day VWAP of 0.616 pence and a premium of 90.5 per cent. to the mid market price of 0.525 pence on 29 March 2021, being the last trading day prior to the announcement that Ironveld was in discussions that might lead to a material transaction;\n \n \n · \n Ironveld and Grosvenor have agreed that Grosvenor will nominate two non-executive Directors to Ironveld's Board following completion of the Subscription; and\n \n \n · \n The Subscription is conditional on shareholder approval being granted at a general meeting of the Company (the \"General Meeting\"). The Company will publish a circular together with a notice to convene the General Meeting in the coming days.\n \n \n \n \n \n \n Martin Eales, Chief Executive Officer of Ironveld, said:\n \n \n \"We are delighted to be able to announce this transaction ...