Ironveld PLC Completion of Debt Purchase Agreement (9363E)
November 01 2022 - 8:30AM
UK Regulatory
TIDMIRON
RNS Number : 9363E
Ironveld PLC
01 November 2022
Ironveld Plc
("Ironveld" or the "Company")
Completion of Debt Purchase Agreement
On 31 August 2022 Ironveld announced that its subsidiary
company, Ironveld Smelting Proprietary Limited ("Ironveld
Smelting"), had signed a Share Purchase Agreement ("SPA") to
acquire 100 per cent of the share capital of Ferrochrome Furnaces
(Pty) Ltd ("FCF"). The only condition precedent in the SPA was the
signing of a Debt Purchase Agreement ("DPA") between Ironveld
Smelting and the sole creditor of FCF.
Ironveld is pleased to confirm that the DPA has now been signed
and subject to the fulfilment of certain conditions is anticipated
to close by 30 November 2022 (the "Closing Date"). The fulfilment
of the conditions in the DPA is at an advanced stage. At the
Closing Date the acquisition will become unconditional.
Under the terms of the DPA Ironveld Smelting is purchasing ZAR
115 million (approximately GBP5.5 million) of debt from the sole
creditor of FCF of which ZAR 15 million (approximately GBP0.72
million) is payable within three business days after completion
with the balance repayable over 10 years.
For further information, please contact:
Ironveld plc c/o BlytheRay
Martin Eales, Chief Executive Officer 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
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the company's obligations under Article 17 of MAR.
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END
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