RE: RNS Language9 Dec 2022 14:41
Are you sure about that?
FCF appears to be the smelting facility.
That smelting facility has been upgraded by Ironveld before the deal has fully completed.
The deal is contingent on a Debt Purchasing Agreement being signed.
Unless I’ve missed it, that agreement has not been signed.
Or perhaps the deal has changed and either I’ve missed that update or there isn’t one.
Wed, 31st Aug 2022 07:00
RNS Number : 6579X
Ironveld PLC
31 August 2022
Ironveld Plc
("Ironveld" or the "Company")
Completion of Acquisition
Ironveld (AIM: IRON) is pleased to announce that it has signed the Share Purchase Agreement ("SPA") to acquire 100 per cent of the share capital of Ferrochrome Furnaces (Pty) Limited ("FCF") which will provide Ironveld with an existing smelting facility and the opportunity to commence mining and processing in the short term.
Acquisition of FCF
Ironveld, through its subsidiary company Ironveld Smelting Proprietary Limited ("Ironveld Smelting"), has entered into an agreement with the shareholders and the Business Rescue Practitioner of FCF to acquire the entire share capital of FCF for a nominal fee of ZAR 980 (approximately £50).
Ironveld intends to change the name of FCF to Bokone Smelting Pty Limited in due course to reflect the regional heritage of its operations, given that 'Bokone' translates as 'North' in the Tswana and Sepedi languages.
The only condition precedent in the SPA is the signing of a Debt Purchase Agreement between Ironveld Smelting and the sole creditor of FCF for a total of ZAR 115 million (approximately £5.75 million) and this condition precedent is expected to be completed in the next two to four weeks.
Operational Update
The industrial cleaning work has now been successfully completed at the smelter and the initial works programme as outlined in the announcement dated 11 August 2022 continues as planned.
For further information, please contact:
Ironveld plc
Martin Eales, Chief Executive Officer
c/o BlytheRay
020 7138 3204
finnCap (Nomad and Broker)
Christopher Raggett
Charlie Beeson
020 7220 0500
Turner Pope (Joint Broker)
Andy Thacker
James Pope
020 3657 0050
BlytheRay
Megan Ray
Tim Blythe
020 7138 3204
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