Ironveld PLC Conversion of consultants fees into equity (8172I)
02 September 2016 - 6:28PM
UK Regulatory
TIDMIRON
RNS Number : 8172I
Ironveld PLC
02 September 2016
2 September 2016
Ironveld plc ("Ironveld" or the "Company")
Conversion of consultants fees into equity
Ironveld plc, the High Purity Iron ("HPI"), Vanadium and
Titanium project located on the Northern Limb of the Bushveld
Complex in Limpopo Province, South Africa (the "Project") announces
that arrangements have been made with a number of consultants to
convert fees payable for services into new Ordinary Shares in the
Company. The Company has approved the conversion of GBP42,752
representing amounts of fees owed to consultants into 743,513 new
Ordinary Shares, issued at a price of 5.75p per Ordinary Share.
Application has been made for the 743,513 new Ordinary Shares to
be admitted to AIM and dealings are expected to commence on 8
September 2016 ("Admission").
Total voting rights
Following the issue of the 743,513 new Ordinary Shares,
Ironveld's total issued and voting share capital will comprise of
328,287,688 Ordinary Shares. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, securities of the Company.
Ends
For further information, please contact:
Ironveld plc c/o Camarco
Peter Cox, Chief Executive 020 3757 4980
Shore Capital
Stephane Auton / Toby Gibbs (corporate
finance)
Jerry Keen (corporate broking) 020 7408 4090
Camarco
Billy Clegg / Gordon Poole 020 3757 4980
Notes to Editors:
Ironveld (IRON.LN) is the owner of a High Purity Iron, Vanadium
and Titanium project located on the Northern Limb of the Bushveld
Complex in Limpopo Province South Africa. Ironveld expects to mine
its own VTM ore as feedstock for a 15MW DC smelter which will
produce speciality iron products including high purity iron powder
as well as vanadium and titanium slag products.
The Definitive Feasibility Study published in April 2014
confirms the project's viability to deliver an exceptionally high
grade iron product (99.5% Fe) called High Purity Iron which
commands a premium in the market place. High Purity Iron Powder is
widely used in powder metallurgy, in magnetic materials and in
manufacturing of welding rods. Vanadium and Titanium slag
containing commercial grades of vanadium and titanium will also be
produced and sold. Vanadium has historically been used as
ferrovanadium or as a steel additive adding a considerable increase
of strength to steel. However it is the development of vanadium
redox flow battery systems for grid energy storage applications
that has the most potential to have a significant impact on future
vanadium demand. Titantium Slag is an upgraded white pigment that
is used in the manufacture of paint, paper and plastics.
Ironveld's Board includes; Giles Clarke as Chairman, Peter Cox
as CEO, Vred von Ketelhodt as CFO, Nick Harrison and Rupert Fraser
as a Non-Executive Directors.
Ironveld is an AIM traded company. For further information on
Ironveld please refer to www.ironveld.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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