Ironveld PLC Completion of Acquisition (6579X)
31 Agosto 2022 - 3:00AM
UK Regulatory
TIDMIRON
RNS Number : 6579X
Ironveld PLC
31 August 2022
Ironveld Plc
("Ironveld" or the "Company")
Completion of Acquisition
Ironveld (AIM: IRON) is pleased to announce that it has signed
the Share Purchase Agreement ("SPA") to acquire 100 per cent of the
share capital of Ferrochrome Furnaces (Pty) Limited ("FCF") which
will provide Ironveld with an existing smelting facility and the
opportunity to commence mining and processing in the short
term.
Acquisition of FCF
Ironveld, through its subsidiary company Ironveld Smelting
Proprietary Limited ("Ironveld Smelting"), has entered into an
agreement with the shareholders and the Business Rescue
Practitioner of FCF to acquire the entire share capital of FCF for
a nominal fee of ZAR 980 (approximately GBP50).
Ironveld intends to change the name of FCF to Bokone Smelting
Pty Limited in due course to reflect the regional heritage of its
operations, given that 'Bokone' translates as 'North' in the Tswana
and Sepedi languages.
The only condition precedent in the SPA is the signing of a Debt
Purchase Agreement between Ironveld Smelting and the sole creditor
of FCF for a total of ZAR 115 million (approximately GBP5.75
million) and this condition precedent is expected to be completed
in the next two to four weeks.
Operational Update
The industrial cleaning work has now been successfully completed
at the smelter and the initial works programme as outlined in the
announcement dated 11 August 2022 continues as planned.
For further information, please contact:
Ironveld plc c/o BlytheRay
Martin Eales, Chief Executive Officer 020 7138 3204
finnCap (Nomad and Broker)
Christopher Raggett
Charlie Beeson 020 7220 0500
Turner Pope (Joint Broker)
Andy Thacker
James Pope 020 3657 0050
BlytheRay
Megan Ray
Tim Blythe 020 7138 3204
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END
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