TIDMIRON
RNS Number : 8068I
Ironveld PLC
21 June 2017
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION EU 596/2014 ("MAR"). IN
ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN
RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE
RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION
AS PERMITTED BY MAR. THAT INSIDE INFORMATION IS SET OUT IN THIS
ANNOUNCEMENT AND HAS BEEN DISCLOSED AS SOON AS POSSIBLE IN
ACCORDANCE WITH PARAGRAPH 7 OF ARTICLE 17 OF MAR. UPON THE
PUBLICATION OF THIS ANNOUNCEMENT, THE INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL
THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION IN
RELATION TO THE COMPANY AND ITS SECURITIES.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
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WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
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21 June 2017
Ironveld plc ("Ironveld" or the "Company")
Placing to raise GBP2.1 million
Potential acquisition of smelting business
Notice of General Meeting
Ironveld plc, the owner of a High Purity Iron ("HPI"), Vanadium
and Titanium project located on the Northern Limb of the Bushveld
Complex in Limpopo Province, South Africa (the "Project"), is
pleased to announce that it has raised GBP2.1 million before
expenses through a firm and conditional placing of 105,000,000 new
ordinary shares of 1p each (the "Placing Shares") at a price of
2.0p each (the "Placing").
Highlights:
-- Placing to raise gross proceeds of GBP2.1 million through the
issue of 105,000,000 Placing Shares at a price of 2.0p each.
Placing comprises Firm Placing of GBP1.4 million and Conditional
Placing of GBP0.7 million;
-- Proceeds of the Placing will be used for working capital
including the repayment of the outstanding R15 million (c. GBP0.9m)
principal amount of the Loan Facility and will also enable the
Company to continue to progress the potential acquisition of the
7.5 MW Smelting Plant announced on 11 April 2017;
-- The Company is presently engaged in discussions with a number
of potential providers of project finance including the IDC and the
Board anticipates that these discussions will lead to an offer to
provide funding to enable the purchase and refurbishment of the 7.5
MW Smelting Plant;
-- Giles Clarke, Non-Executive Chairman and Nick Harrison,
Non-Executive Director, are to participate in the Placing to
acquire an additional 2,000,000 and 250,000 Ordinary Shares
respectively;
-- General Meeting on 10 July to approve the Conditional Placing.
Potential acquisition of smelting business
The Board remains committed to achieving a successful conclusion
to the potential acquisition (the "Potential Acquisition") of the
7.5 MW smelting plant and associated independent power plant in
Middleburg, South Africa (the "7.5 MW Smelting Plant").
The Company is presently engaged in discussions with a number of
potential providers of project finance including the Industrial
Development Corporation ("IDC"), who had previously agreed a debt
and equity package at the Project level for the 15MW smelter. The
Board anticipates that these discussions will lead to an offer to
provide funding to enable the purchase and refurbishment of the 7.5
MW Smelting Plant. The Company intends to put down R8.8m (c.GBP0.5
m) of the net proceeds as a refundable deposit towards the
Potential Acquisition and will at that time seek to reach agreement
on the terms of certain agreements relating to the Potential
Acquisition including toll smelting, operating for own account with
a rental or royalty fee, all subject to obtaining the necessary
project finance to fund the Potential Acquisition.
The acquisition of the 7.5MW Smelting Plant would provide the
Company with a readymade smelter, enabling early production of HPI,
Vanadium and Titanium and would facilitate supply into the
Company's offtake agreements. In addition, the directors believe
the acquisition would significantly de-risk the Project, as well as
delivering attractive economic returns and free cash flow.
Sylvania Loan Facility
At the time of the acquisition of the assets for the Project
from the Sylvania Group ("Sylvania") in July 2012, the Company
entered into a loan facility of R15 million with Sylvania Metals
Pty Limited (the "Loan Facility"). Under the terms of the Loan
Facility the Company undertook to grant Sylvania warrants as a
guarantee. The Loan Facility, which now bears interest at 4% above
the South African prime rate, was repayable no later than 30 June
2016, subsequently extended to 31 December 2016 and then to 30 June
2017. The Company has agreed with Sylvania an extension on the
repayment date for the loan to 25 July 2017. The Directors'
intention is to pay off the Loan Facility from the proceeds raised
through the Conditional Placing.
Application for admission
Application will be made to the London Stock Exchange for the
Firm Placing Shares to be admitted to trading on AIM. It is
expected that First Admission will become effective and that
dealings in the Firm Placing Shares will commence on 26 June
2017.
Application will be made to the London Stock Exchange for the
Conditional Placing Shares to be admitted to trading on AIM. It is
expected that Second Admission will become effective and that
dealings in the Conditional Placing Shares will commence on 11 July
2017, subject to the passing of the Resolutions at the General
Meeting ("GM").
Total voting rights
Following the First Admission but before the Second Admission,
the Company's issued share capital will consist of 444,641,278
Ordinary Shares, with each Ordinary Share carrying the right to one
vote. The Company does not hold any Ordinary Shares in treasury.
This figure of 444,641,278 Ordinary Shares may therefore be used by
shareholders in the Company, between the dates of First Admission
and Second Admission, as the denominator for the calculations by
which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules ("DTRs").
Following the Second Admission, the Company's issued share
capital will consist of 479,641,278 Ordinary Shares, with each
Ordinary Share carrying the right to one vote. The Company does not
hold any Ordinary Shares in treasury. This figure of 479,641,278
Ordinary Shares may therefore be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the DTRs.
Unless the context otherwise requires, defined terms shall have
the meaning ascribed to them in the circular being posted to
Shareholders tomorrow ("Circular"). The Shareholder Circular will
shortly be available on the Company's website www.ironveld.com.
Peter Cox, CEO of Ironveld, said:
"I am delighted with the continued support the Company has
received from our shareholders. The proceeds from this fundraise
will significantly strengthen our balance sheet and enables us to
continue the discussions with potential providers of project
finance for acquisition of the 7.5 MW Smelting Plant from a
position of strength."
"We are highly encouraged by the interest we have received in
financing the 7.5 MW Smelting Plant and believe that the
acquisition is a unique opportunity which would be transformational
for the Company. With this deal we anticipate profitable production
of HPI Powder, Vanadium and Titanium from Q1 2018, significantly
earlier than previously envisaged and enabling supply to our agreed
offtake partners."
Ends
For further information, please contact:
Ironveld plc c/o Camarco
Peter Cox, Chief Executive 020 3757 4980
Shore Capital and Corporate Limited
Stephane Auton / Toby Gibbs (corporate
finance)
Jerry Keen (corporate broking) 020 7408 4090
Camarco
Gordon Poole / Kimberley Taylor
/ James Crothers 020 3757 4980
1. Introduction
The Company is proposing to raise GBP2.1 million (before
expenses) through a conditional placing of 105,000,000 Placing
Shares at the Placing Price. Further details of the terms of the
Placing are set out below under the heading "Details of Placing"
and "Use of proceeds". 70,000,000 of the Placing Shares are being
placed pursuant to existing authorities granted to the Directors at
the Company's annual general meeting held on 5 January 2017 whilst
the remaining 35,000,000 Placing Shares are being placed
conditional, inter alia, on the passing of the Resolutions being
proposed at the GM. The Firm Placing is conditional, inter alia, on
First Admission (which is expected to become effective with
dealings in the Firm Placing Shares to commence on 26 June 2017);
and the Conditional Placing is conditional, inter alia, on Second
Admission (which is expected to become effective with dealings in
the Conditional Placing Shares to commence on 11 July 2017). The
Placing has not been underwritten.
2. Details of Placing
The Placing will raise, in aggregate, GBP2.1 million (before
commissions and expenses) through the conditional placing of the
Placing Shares at a price of 2.0 pence per share with institutional
and other investors. Having considered the price at which the
Ordinary Shares are currently traded, feedback from investor
marketing and other factors, the Directors have resolved that the
Placing Price is appropriate.
The Firm Placing Shares are being placed pursuant to existing
authorities granted to the Directors at the Company's annual
general meeting held on 5 January 2017 while the Conditional
Placing Shares are being placed conditional, inter alia, on the
passing of the Resolutions at the GM.
The Placing Shares, when issued, will represent approximately
21.9 per cent. of the Company's Enlarged Share Capital immediately
following Second Admission. The Placing Shares will rank in full
for all dividends with a record date on or after the date of
Admission and otherwise equally with the Ordinary Shares in issue
from the date of Admission.
The Firm Placing (which is not being underwritten) is
conditional, amongst other things, upon:
(a) the Placing Agreement becoming unconditional in all respects
(save for First Admission and Second Admission) and not having been
terminated in accordance with its terms prior to First Admission;
and
(b) Admission of the Firm Placing Shares becoming effective on
or before 8.00 am on 26 June 2017 or such later date as the Company
and Shore Capital may agree, being no later than 8.00 am on 31 July
2017.
The Conditional Placing (which is not being underwritten) is
conditional, amongst other things, upon:
(a) the Placing Agreement becoming unconditional in all respects
(save for Second Admission) and not
having been terminated in accordance with its terms prior to
Second Admission;
(b) the Resolutions set out in the Notice of General Meeting
forming part of this Circular being
approved by the Shareholders; and
(c) Admission of the Conditional Placing Shares becoming
effective on or before 8.00 am on 11 July 2017 or such later date
as the Company and Shore Capital may agree, being no later than
8.00 am on 31 July 2017.
2.1. The Placing Agreement
Pursuant to the terms of the Placing Agreement, Shore Capital
has conditionally agreed to use its reasonable endeavours, as agent
for the Company, to procure subscribers for the Placing Shares at
the Placing Price with certain institutional and other
investors.
The Placing Agreement contains warranties from the Company in
favour of Shore Capital in relation to, inter alia, the accuracy of
the information in the Circular and other matters relating to the
Group and its business. In addition, the Company has agreed to
indemnify Shore Capital in relation to certain liabilities it may
incur in respect of the Placing. Shore Capital has the right to
terminate the Placing Agreement in certain circumstances prior to
Admission, in particular, in the event of a material breach of the
warranties given in the Placing Agreement, the failure of the
Company to comply in any material respect with its obligations
under the Placing Agreement, the occurrence of a force majeure
event which in Shore Capital's opinion may be material and adverse
to the Company or the Placing, or a material adverse change
affecting the financial position or business or prospects of the
Company.
2.2. Settlement and dealings
Application will be made to the London Stock Exchange for the
Firm Placing Shares to be admitted to trading on AIM. It is
expected that First Admission will become effective and that
dealings in the Firm Placing Shares will commence on 26 June
2017.
Application will be made to the London Stock Exchange for the
Conditional Placing Shares to be admitted to trading on AIM. It is
expected that Second Admission will become effective and that
dealings in the Conditional Placing Shares will commence on 11 July
2017, subject to the passing of the Resolutions at the GM.
The Placing Shares being issued pursuant to the Placing will, on
Admission, rank in full for all dividends and other distributions
declared, made or paid on the Ordinary Shares after Admission and
will otherwise rank pari passu in all respects with the issued
Ordinary Shares.
3. Use of proceeds
The Company intends to use the net proceeds of the Firm Placing
and Conditional Placing for the Company's funding requirements up
until 31 December 2017, including repayment of the Loan Facility by
25 July 2017 and to progress the potential acquisition of the 7.5
MW Smelting Plant. Further details of which are set out below under
the heading "Potential acquisition of smelting business".
4. Status of the Ironveld Project
The Group is the owner of a High Purity Iron, Vanadium and
Titanium Project located in the Northern Limb of the Bushveld
Complex in Limpopo Province, South Africa.
The Definitive Feasibility Study published in April 2014
confirmed the Project's viability to deliver an exceptionally high
grade iron product, ("High Purity Iron"). The Project involves the
Group mining its own VTM ore as feedstock for a 15 MW DC smelter
which will produce High Purity Iron powder as well as vanadium and
titanium products.
The Directors believe that all three products are in demand and
the Group has entered into offtake agreements for all the products
for the first five years of production. Iron powders are widely
used in powder metallurgy (which the Directors believe is a growing
market, driven by the continuous introduction of new materials and
technologies), in magnetic materials and in the manufacturing of
welding rods.
Whilst vanadium has historically been used as ferrovanadium or
as a steel additive adding a considerable increase of strength to
steel, it is the development of vanadium redox flow battery systems
for grid energy storage applications that the Directors believe has
the most potential to significantly impact on the demand for
vanadium.
Titanium slag is used in the manufacture of paint, paper and
plastics but scientists have recently developed a new battery with
a new gel material made from titanium dioxide which can be charged
up to 70% in only two minutes and has a longer projected lifespan
over 20 years which again the Directors believe will, if
commercialised, increase demand for titanium.
Key mining rights and prospecting rights together with the
relevant approvals have been granted in respect of the Project to
enable the mining to commence. The Project is supported by
excellent infrastructure of roads, rail and has access to power and
water. The Group has a formal letter from Eskom confirming power
supply availability for the smelter and has received the budget
quote from Eskom for the 15MW power supply. The Group has also
received the lease terms for the planned smelter on Farm Altona and
is currently finalising terms with the Department of Rural
Development and Land Reform and the Group is in the process of
appointing Tenova Pyromet, part of the Techint Group, to design and
supply the smelter.
The Company announced on 6 October 2016 that IDC has approved a
R244m funding package for the Project and was in the process of
executing formal funding agreements. Under the term of the funding
package IDC will provide senior loan facilities to Ironveld Mining
and Ironveld Smelting, subsidiaries of the Company. The total value
of the facilities represents R244.08 million and will form part of
an approximately R871 million financing package for the development
of the Project.
Established in 1940, IDC is a national development finance
institution set up to promote economic growth and industrial
development. It is owned by the South African government under the
supervision of the Economic Development Department. IDC's main
objective is to be the primary source of commercially sustainable
development and innovation to benefit both South Africa and the
rest of Africa.
The Company is negotiating the remaining debt agreements for the
Project.
5. Potential acquisition of smelting business
As announced on 11 April 2017, the Group has entered into two
non-binding Memoranda of Understanding ("MOUs") to acquire a 100
per cent interest in Siyanda Smelting and Refining ("Siyanda
Smelting") and a 70 per cent interest in Power Alt (Pty) Ltd
("Power Alt").
Siyanda Smelting currently owns a smelting plant comprising
three arc furnaces and two induction furnaces, a convertor and
associated equipment with a smelting capacity of 7.5 MW (the "7.5
MW Smelting Plant"). Power Alt is the direct owner of an
Independent Power Producing Plant that generates 10.6 MW of
electricity through 4 gas-driven Jenbacher engines (the "IPP"). The
7.5MW Smelting Plant and the IPP are located near the town of
Middelburg, in South Africa's Mpumalanga province circa 300 km from
the Project site via a national highway.
The Board remains committed to achieving a successful conclusion
to the potential acquisition of the 7.5 MW Smelting Plant and IPP
and is presently engaged in discussions with a number of potential
providers of project finance including the IDC, who had previously
agreed a debt and equity package at the project level for the 15MW
smelter. The Board anticipates that these discussions will lead to
an offer to provide funding to enable the purchase and
refurbishment of the 7.5 MW Smelting Plant and the purchase of the
IPP. The Company intends to put down R8.8m (c.GBP0.5m) of the net
proceeds as a refundable deposit towards the Potential Acquisition
and will at that time seek to reach agreement on the terms of
various agreements relating to the Potential Acquisition including
toll smelting, operating for own account with a rental or royalty
fee, all subject to obtaining the necessary project finance to fund
the Potential Acquisition.
The acquisition of the 7.5MW Smelting Plant would provide the
Company with a readymade smelter, enabling early production of High
Purity Iron, Vanadium and Titanium and would facilitate supply into
the Company's offtake agreements. In addition, the Directors
believe the acquisition would significantly de-risk the Project, as
well as delivering attractive economic returns and free cash
flow.
If the Group is able to acquire the 7.5MW Smelting Plant, it
plans to undertake a refurbishment programme and undertake the
installation of the necessary equipment to convert the 7.5MW
Smelting Plant to produce HPI, Vanadium and Titanium products to
Ironveld's specifications. It is anticipated that a refurbishment
programme and the installation of new equipment would take up to 6
months.
Following the conversion of the 7.5MW Smelting Plant and a
period of commissioning it is anticipated that the Smelting Plant
will, from Q1 2018, have a projected annual production of:
-- 21,000 tons of High Purity Iron Powder
-- 190.5 tons of Vanadium in slag grading 36% V
-- 4,134.5 tons of Titanium in slag grading 65% TiO2
As previously announced the Company has entered into offtake
agreements for all three of these products. It is anticipated that
the products will be sold to Ironveld's offtake partners at
"Smelter Gate".
Sale of the products to the Group's offtake partners will both
provide revenues to the Group and allow the Group to ensure
certification of products which will reduce commissioning time of
the 15 MW smelter when this is later developed.
6. Sylvania Loan Facility
At the time of the acquisition of the assets of the Ironveld
Project from the Sylvania Group ("Sylvania") in July 2012, the
Company entered into a loan facility of R15 million (GBP0.9m) with
Sylvania Metals (Pty) Limited (the "Loan Facility"). Under the
terms of the Loan Facility the Company undertook to grant Sylvania
warrants as a guarantee. The Loan Facility, which now bears
interest at 4% above the South African prime rate, was repayable no
later than 30 June 2016, subsequently extended to 31 December 2016
and then to 30 June 2017. The Company has agreed with Sylvania an
extension on the repayment date for the loan to 25 July 2017. The
Directors' intention is to pay off the Loan Facility from the
proceeds raised through the Conditional Placing.
7. Irrevocable undertakings
The Company has received irrevocable undertakings to vote in
favour of the Resolutions from Directors who hold, or are
interested in, an aggregate of 24,380,603 Ordinary Shares,
representing 5.1 per cent. of the Company's current issued share
capital.
8. Working Capital
The Directors are of the opinion, having made due and careful
enquiry, that, taking into account the net proceeds of the Placing,
the working capital available to the Company is sufficient working
capital for its present requirements, that is until 31 December
2017.
9. Director Participation
Giles Clarke, Chairman of the Company, and Nick Harrison,
Non-Executive Director, are to participate in the Conditional
Placing, subscribing for 2,000,000 Ordinary Shares and 250,000
Ordinary Shares respectively. Following the completion of the
Placing and Second Admission, and subject to shareholder approval,
Giles Clarke will hold an interest in 11,148,580 Ordinary Shares
(representing 2.3% of the Enlarged Share Capital) and Nick Harrison
will hold an interest in 4,397,840 Ordinary Shares (representing
0.9% of the Enlarged Share Capital). Westleigh Investments Holdings
Limited ("WIHL"), a company wholly owned and controlled by Giles
Clarke and Nick Harrison which has not participated in the Placing
will following the completion of the Placing and Second Admission,
and subject to shareholder approval hold an interest in 10,062,470
Ordinary Shares (representing 2.1% of the Enlarged Share
Capital).
10. General Meeting
Set out at the end of the Circular is a notice convening the
General Meeting to be held at the Company's registered office at
Lakeside, Fountain Lane, St Mellons, Cardiff, CF3 0FB on 10 July
2017 at 11 a.m., at which the Resolutions will be proposed as
ordinary or special resolutions as set out below:
Ordinary Resolution
1. to provide the Directors with the relevant authority pursuant
to section 551 of the Act to issue and allot equity securities up
to an aggregate nominal value of GBP1,809,282.56 which will
facilitate, inter alia, the Conditional Placing and provide the
Directors with authority to issue and allot further equity
securities up to an aggregate nominal value of GBP1,459,282.56;
Special Resolution
2. to disapply pre-emption rights pursuant to section 570 of the
Act in connection with the issue and allotment of equity securities
up to an aggregate nominal value of GBP1,809,282.56 which will
facilitate, inter alia, the Conditional Placing and provide the
Directors with authority to issue and allot further equity
securities on a non-pre-emptive basis up to an aggregate nominal
value of GBP1,459,282.56.
Resolution 1 will be proposed as an ordinary resolution and
require a majority of more than 50 per cent. of the Shareholders
voting in person or by proxy in favour of the resolution.
Resolution 2 will be proposed as a special resolution and will
require not less than 75 per cent. of the Shareholders voting in
person or by proxy in favour of the resolution.
The general authority to allot shares on a non-pre-emptive basis
as referred to in 1 and 2 above is up to an aggregate nominal value
of GBP1,459,282.56. This will represent 30% of the Company's issued
share capital on Second Admission and provide the Directors with
the flexibility to facilitate the potential acquisition of the
7.5MW Smelting Plant and IPP and additional working capital, if
required.
11. Recommendation
The Directors consider the Placing to be in the best interests
of the Company and its Shareholders as a whole and accordingly
unanimously recommend Shareholders to vote in favour of the
Resolutions to be proposed at the General Meeting as they intend to
do in respect of their beneficial holdings amounting, in aggregate,
to 24,380,603 Ordinary Shares, representing 5.1 per cent. of the
Company's current issued share capital of the Company.
IMPORTANT INFORMATION
The distribution of the announcement and the offering of the
Placing Shares in certain jurisdictions may be restricted or
prohibited by law or regulation. Persons distributing the
announcement must satisfy themselves that it is lawful to do so. No
action has been taken by the Company or Shore Capital Stockbrokers
Limited ("SCS") and/or Shore Capital and Corporate Limited
(together "Shore Capital") that would permit an offering of such
shares or possession or distribution of the announcement or any
other offering or publicity material relating to such shares in any
jurisdiction where action for that purpose is required. Persons
into whose possession the announcement comes are required by the
Company and Shore Capital to inform themselves about, and to
observe, such restrictions.
The announcement contains (or may contain) certain
forward-looking statements with respect to certain of the Company's
plans and its current goals and expectations relating to its future
financial condition and performance and which involve a number of
risks and uncertainties. The Company cautions readers that no
forward-looking statement is a guarantee of future performance and
that actual results could differ materially from those contained in
the forward-looking statements. These forward-looking statements
can be identified by the fact that they do not relate only to
historical or current facts. Forward-looking statements sometimes
use words such as "aim", "anticipate", "target", "expect",
"estimate", "intend", "plan", "goal", "believe", "predict" or other
words of similar meaning. Examples of forward-looking statements
include, amongst others, statements regarding or which make
assumptions in respect of the planned use of the proceeds for the
Placing, the Group's liquidity position, the future performance of
the Group, future interest rates and currency controls, the Group's
future financial position, plans and objectives for future
operations and any other statements that are not historical fact.
By their nature, forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances,
including, but not limited to, economic and business conditions,
the effects of continued volatility in credit markets,
market-related risks such as changes in interest rates and foreign
exchanges rates, the policies and actions of governmental and
regulatory authorities, changes in legislation, the further
development of standards and interpretations under IFRS applicable
to past, current and future periods, evolving practices with regard
to the interpretation and application of standards under IFRS, the
outcome of pending and future litigation or regulatory
investigations, the success of future acquisitions and other
strategic transactions and the impact of competition. A number of
these factors are beyond the Company's control. As a result, the
Company's actual future results may differ materially from the
plans, goals, and expectations set forth in the Company's
forward-looking statements. Any forward-looking statements made in
the announcement by or on behalf of the Company speak only as of
the date they are made. These forward-looking statements reflect
the Company's judgement at the date of the announcement and are not
intended to give any assurance as to future results. Except as
required by the Financial Conduct Authority ("FCA"), the London
Stock Exchange plc, the AIM Rules or applicable law, the Company
expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
contained in the announcement to reflect any changes in the
Company's expectations with regard thereto or any changes in
events, conditions or circumstances on which any such statement is
based.
Shore Capital, which is authorised and regulated in the United
Kingdom by the FCA and is a member of the London Stock Exchange, is
the Company's nominated adviser and broker for the purposes of the
AIM Rules in connection with the Placing and, as such, its
responsibilities as the Company's nominated adviser under the AIM
Rules for Nominated Advisers are owed solely to the London Stock
Exchange and are not owed to the Company or to the Directors or to
any other person or entity in respect of their reliance on any part
of the announcement.
Shore Capital is acting for the Company and no one else and will
not be responsible to any other person for providing the
protections afforded to customers of Shore Capital nor for
providing advice in relation to the contents of the announcement or
any matter referred to herein. No representation or warranty,
express or implied, is made by Shore Capital for the accuracy of
any information or opinions contained in the announcement or for
the omission of any material information. Shore Capital expressly
disclaims all and any responsibility or liability, whether arising
in tort, contract or otherwise, which it might otherwise have in
respect of the announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCEAKKFAAXXEFF
(END) Dow Jones Newswires
June 21, 2017 12:30 ET (16:30 GMT)
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