AIM life begins for Ironveld
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South African-focused iron ore business Ironveld has listed on London's AIM market and raised £3 million from institutional investors.
Ironveld has begun life on the Alternative Investment Market and is set to use its stock market listing to expand its operations.
The South African focused iron ore group will use the proceeds to fund exploration and development work and for general working capital purposes.
The deal sees Mercury Recycling rebrand to Ironveld through a reverse takeover.
The company announced last week that it is facing a legal challenge from a tribe which claims it has rights to the land in the Bushveld Complex. It has subsequently taken advice and now believes there are no grounds for a case.
Giles Clarke, chairman of Ironveld, says, 'We are delighted with support shown by both existing and new shareholders for the launch of Ironveld plc. The management team has long standing experience of the high quality assets within the group and significant work has already been carried with the drilling programme well advanced.
'I believe the board has the right blend of operational and capital markets experience with an exceptional track record of delivering significant returns for shareholders and Ironveld is well positioned to take advantage of further opportunities within the region and beyond.'