Ironveld has raised £1.1m at 1.75p a share.
The cash will finance the business while talks continue with two development partners for the iron, vanadium and titanium project on the northern limb of the Bushveld complex in South Africa. The two development partners are undertaking due diligence and a potential offtake company, which recently completed its metallurgical tests.
The rise in the vanadium price last year has made the project even more attractive.
The cash should last until the end of October.
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