REG - Ironveld PLC - Completion of Debt Purchase Agreement

IronveldAnnouncement

01/11/2022 12:30

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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 £5.5 million) of debt from the sole creditor of FCF of which
ZAR 15 million (approximately £0.72 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)              020 7220 0500

 Christopher Raggett

 Charlie Beeson

 Turner Pope (Joint Broker)              020 3657 0050

 Andy Thacker

 James Pope

 BlytheRay                               020 7138 3204

 Megan Ray

 Tim Blythe

 

 

 

 

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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