Business
Placing to raise £400,000
Placing to raise £400,000.
About this update from Ironveld Plc
[{"type":"text","content":"\n \nRNS Number : 6926H Ironveld PLC 19 November 2018 \n\n19 November 2018\nIronveld plc (\"Ironveld\" or the \"Company\")\n \nPlacing to raise £400,000\n \nIronveld plc, the owner of a High Purity Iron (\"HPI\"), Vanadium and Titanium project (\"the Project\") located on the Northern Limb of the Bushveld Complex in Limpopo Province, South Africa, is pleased to announce that it has raised £400,000 before expenses through a placing of 24,242,420 new ordinary shares of 1p each at a price of 1.65 pence each (the \"Placing\").\n \nHighlights:\n \n· Placing to raise gross proceeds of £400,000 through the issue of 24,242,420 Placing Shares at a price of 1.65 pence each.\n \n· Proceeds of the Placing will be used to fund the purchase of a secondary gyratory crusher and magnetic separation equipment that will be used to process the Company's magnetite ore in order to meet offtake specifications set by a potential off-take partner for commercial scale testing and for general working capital purposes.\n\n· The required ore has been mined and 1,000 tons have already been shipped to the potential off-take partner. The equipment to be acquired will allow for a significant increase in the shipment rate.\n \n· The Company is being paid for the commercial sample and is hopeful that successful testing could result in a long-term offtake agreement.\n \n· SVS Securities plc acted as sole Placing Agent in connection with the Placing.\n \nPeter Cox, CEO of Ironveld, said:\n \n\"I am delighted that we have been successful in raising these funds to enable the purchase of equipment that will also us to meet the specifications of the ore that we are able to supply. We are hopeful that the successful delivery of the ore we are supplying through the sampling programme with our potential off-take partner will lead to a longer term agreement, ultimately generating significant revenue for the Company.\"\n \n\"The Company's Project has a vast resource containing 27 million tons of HPI and 1.4 billion pounds of Vanadium in situ. As vanadium prices reach historical highs, we are confident that we can capitalise on the growing demand and move towards monetisation of our asset.\"\n \n \nSupply...