BMN.L

Bushveld Minerals Ltd.
Bushveld Minerals Ld - Agreement re Settlement of SPR Subscription Funds
9th August 2024, 08:55
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RNS Number : 9146Z
Bushveld Minerals Limited
09 August 2024
 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

 9 August 2024

Bushveld Minerals Limited

("Bushveld Minerals" "Bushveld" or the "Company")

Agreement re: Settlement of SPR Subscription Funds

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to announce that the Company has reached an agreement with Southern Point Resources Fund I S.A. LP ("SPR") pursuant to which the US$12.5 million outstanding subscription monies ("Subscription Monies") shall be deemed satisfied on the basis that the value has been received by the Bushveld group by way of loans advanced in an aggregate amount of US$12.5 million ("Vanchem Loans"), made to Vanchem by SPR.

The Vanchem Loans will not be repayable for so long as Bushveld owns Vanchem. In the event that the conditions to completion of the Vanchem Disposal (as described in Company's circular dated 13 May 2024) are not satisfied, then the unpaid Subscription Monies shall remain a debt owing to the Company but shall not be repayable as long as the Vanchem Loans remain outstanding.  These arrangements do not require South African Reserve Bank ("SARB") approval.

SPR, as a substantial shareholder in the Company (as defined by the AIM Rules for Companies), is a related party of the Company. Accordingly, the agreement with SPR, as described above, is being treated as a related party transaction pursuant to AIM Rule 13. The independent directors for the purposes of the transaction, being the whole board, having consulted with the Company's nominated adviser, consider that the terms of the transaction are fair and reasonable in so far as the Company's shareholders are concerned.

Enquiries :  info@Bushveldminerals.com

Bushveld Minerals Limited


+27 (0) 11 268 6555

Craig Coltman, Chief Executive Officer









SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

+44 (0) 20 3470 0470

Richard Morrison / Charlie Bouverat

 


Grant Barker / Abigail Wayne

 



 


Hannam & Partners

Joint Broker

+44 (0) 20 7907 8500

Andrew Chubb / Matt Hasson / Jay Ashfield

 



 


Tavistock

Financial PR

+44 (0) 207 920 3150

Gareth Tredway / Tara Vivian-Neal / James Whitaker




ENDS

 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a primary vanadium producer. It is one of the world's three primary vanadium producers, offering compelling exposure to vanadium through its upstream asset.

Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com.

 

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