Business
Update on IIG Option Agreement
Update on IIG Option Agreement.
About this update from Ironveld Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0493F\n Ironveld PLC\n 12 November 2020\n \n \n \n \n Ironveld Plc\n \n \n (\"Ironveld\" or the \"Company\")\n \n \n Update on IIG Option Agreement\n \n \n \n \n \n On 30 March 2020, the Company announced that it had entered into arrangements with IIG to raise potential gross proceeds of approximately US$3.2 million. In particular, the Company and IIG entered into an Option Agreement pursuant to which on the grant of the Option IIG could subscribe for 440,176,070 new ordinary shares in the capital of the Company at a price of 0.42 pence per share (\"Option\"). The Option was initially set to expire on 17 June 2020 and was extended to 30 September 2020 on 10 June 2020 and, ultimately, to 30 November 2020 on 3 September 2020.\n \n \n \n \n \n IIG has advanced a total of US$650,000 to Ironveld since March 2020, including US$100,000 this month, in bridge funding under the terms of the Option Agreement and its extensions. As previously announced, IIG has now successfully obtained a conditional offer of project finance from a South African funding institution, which remains in place and subject to further consideration by both parties on a non-exclusive basis.\n \n \n \n \n \n The Company and IIG remain in constructive discussions about a future partnership,\n \n which may involve further funding and/or conversion into equity of some or all of the funding IIG has provided to date, but have agreed that the Option Agreement will not be extended on its current terms and will now lapse as at 30 November 2020. Alongside a potential revised transaction with IIG, the Company is in discussions with its advisers and other organisations in order to provide alternative financing arrangements at both PLC and project level.\n \n \n \n \n \n \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n Ironveld plc\n \n \n Giles Clarke, Chairman\n \n \n Martin Eales, Chief Executive Officer \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n c/o Blytheweigh\n \n \n +44 20 7138 3204\n \n \n \n \n \n \n \n \n \n finnCap (Nomad and Broker)\n \n \n Christopher Raggett / Charlie Beeson\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n +44 20 7220 0500\n \n \n \n \n \n \n Blytheweigh\n \n \n Tim Blythe / Megan Ray \n \n \n \n \n \n \n \n \n \n \n \n +44...