Conversion of consultants fees into equity

RNS Number : 4554G

Ironveld PLC

04 March 2015

 

4 March 2015

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 £56,497.20 representing amounts of fees owed to consultants into 753,296 new Ordinary Shares, issued at a price of 7.5p per Ordinary Share.

Application has been made for the 753,296 new Ordinary Shares to be admitted to AIM and dealings are expected to commence on 9 March 2015 ("Admission").

Total voting rights

Following the issue of the 753,296 new Ordinary Shares, Ironveld's total issued and voting share capital will comprise of 301,842,332 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 Peter Cox, Chief Executive	c/o Camarco 020 3757 4980
Shore Capital Stephane Auton / Toby Gibbs (corporate finance) Jerry Keen (corporate broking)	020 7408 4090
Camarco Billy Clegg/ Georgia Mann	020 3757 4980

Notes to Editors:

Ironveld (IRON.LN) is 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 smelter which will produce speciality iron products including high purity iron powder as well as Vanadium and titanium 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. Vanadium and Titanium slag containing commercial grades of vanadium and titanium will also be produced and sold.

Ironveld's Board includes; Giles Clarke as Chairman, Peter Cox, CEO and Nick Harrison as a Non-Executive Director.

Ironveld is an AIM traded company. For further information on Ironveld please refer to www.ironveld.com.

 

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