Ironveld plc (GB:IRON) has released an update.
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Ironveld plc, an AIM-traded mining development company, has secured a £125,000 six-month working capital loan from Tracarta Limited, with interest at 11% per annum, to bolster its working capital as it moves towards production of high purity iron powders. The company, which continues to discuss direct institutional funding expected to close in the first half of 2024, may also seek additional capital through equity issuance. This loan arrangement is considered fair and reasonable by the company’s independent directors, despite the related party nature due to Executive Chairman John Wardle’s interest in Tracarta.
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