10 July 2017
("Ironveld" or the "Company")
Result 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 is pleased to announce that all resolutions put to shareholders at the GM held earlier today were duly passed.
As a result, the Company will proceed to issue 35,000,000 ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") at a price of 2.0 pence per share, pursuant to the placing announced on 21 June 2016.
Settlement and dealings
Application has been made to the AIM market of the London Stock Exchange ("AIM") for a total of 35,000,000 Ordinary Shares, which rank pari passu with the Company's existing issued Ordinary Shares, to be admitted to trading on AIM. Dealings on AIM are expected to commence at 8:00 a.m. on 11 July 2017 ("Admission").
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission the issued ordinary share capital of Ironveld will consist of 479,641,278 Ordinary Shares with voting rights attached. The Company does not hold any shares in treasury. This figure of 479,641,278 may be used by the Company's shareholders 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").
Peter Cox, Chief Executive
020 3757 4980
Stephane Auton / Toby Gibbs (corporate finance)
Jerry Keen (corporate broking)
020 7408 4090
Gordon Poole / Billy Clegg / Kimberley Taylor
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. Titanium 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