Ironveld raises £1.1m as it works towards production

19th Feb 2019 10:18

(Sharecast News) - Ironveld, 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, has raised £1.1m before expenses through a placing of 62,857,143 new ordinary shares at a price of 1.75p each, it announced on Tuesday.The AIM-traded firm said the net proceeds of the placing would put it on a stronger footing, and cover its overheads as it continued detailed discussions with two potential development partners for the project.It said the potential partners were currently engaged in an "extensive" due diligence process with the potential off-taker following completion of the bulk sampling programme."I am delighted with the continued support the company has received from our shareholders," said Ironveld chief executive officer Peter Cox."The proceeds from this fund raise will significantly strengthen our balance sheet and place us in a position of strength as we continue discussions to enable the company to commence production of high purity iron, vanadium and titanium."