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Ironveld PLC - South Africa-focused exploration and development company - Secures £5.0 million in fundraise. Subscription of 1.33 billion shares at 0.30 pence each raises £4.0 million, and raises further £1.0 million from broker option.
Says net proceeds will be used to complete the acquisition of FCF and the refurbishment of its existing smelter located in Rustenburg, South Africa.
The FCF deal will provide the company with up to 7.5 megawatts of smelting capacity within six to nine months, enabling processing of approximately 40,000 tonnes of magnetite ore on an annualised basis.
Current stock price: 0.34 pence, down 12% on Wednesday
12-month change: down 56%
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