Kuits advises Ironveld plc on £1.1m AIM placing05 Mar 2019
Manchester commercial law firm Kuits has advised Ironveld plc, an AIM-traded mining company, on a share capital raising that will enable the company to further invest in its project in Limpopo Province, South Africa.
Ironveld has raised gross proceeds of £1.1 million through the issue of 62,857,143 Placing Shares at a price of 1.75p each, allowing the company to work towards mining its own VTM ore as feedstock for a 7.5 MW DC smelter.
The smelter will produce speciality iron products including high purity iron powder as well as vanadium and titanium slag products.
Kirsti Pinnell, corporate partner for Kuits and specialist AIM advisor, led the team advising the company on its placing, supported by solicitor Kate Gledhill.
Pinnell said: “Ironveld continues to develop its project in South Africa and once again Kuits is pleased to have advised on a further AIM placing to help the advancement of their strategic goals.”
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 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.”