Ironveld raises £1m in accelerated bookbuild
London-listed Ironveld – a mining development company focused on producing high-value strategic metals – has raised about £1-million through an oversubscribed accelerated bookbuild.
About 4.44-billion new ordinary shares have been placed with existing institutional and other investors, including Premier Miton.
Further, Ironveld also raised about £100,000 through a direct subscription for 444-44-million new ordinary shares by Tracarta, a company in which Ironveld's chairperson Dr John Wardle has a beneficial interest.
The funds raised will be used to support business development and working capital, ensuring the company maintains momentum across its operational and commercial workstreams as cash flows from established operations grow.
Ironveld's mining division mines vanadiferous-titaniferous-magnetite in South Africa for sale to industrial users and to the group's own smelting division, which processes the group’s magnetite ore into high-purity iron, vanadium slag and titanium slag.
