Bushveld Minerals Limited Full settlement of the Barak Financing (1201I)
June 15 2017 - 2:05AM
UK Regulatory
TIDMBMN
RNS Number : 1201I
Bushveld Minerals Limited
15 June 2017
15 June 2017
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Full settlement of the Barak Financing
Bushveld Minerals Limited (AIM: BMN), the vanadium producing
company with a diversified projects portfolio of tin and coal
assets in Southern Africa, today provides the following update on
the financing agreements (the "Agreements"), in support of the
acquisition by Bushveld Vametco Limited ("BVL") from Evraz Group
S.A ("Evraz") of a 78.8% shareholding interest in Strategic
Minerals Corporation ("SMC") (the "Acquisition"), with Barak Fund
SPC Limited ("Barak") (the "Barak Financing").
Following the US$11.0 million bridge loan settlement
announcement on 8 June 2017, BVL is pleased to advise that it has
paid the outstanding US$ 961,010 in fees and interest to Barak.
This completes payment of all outstanding obgligations to Barak in
terms of the bridge loan facility agreement.
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented,
"As previously announced, we intended to settle the outstanding
Barak bridge loan as soon as possible duiring the month of June. We
are pleased to have honoured our obligations with Barak in such a
timely fashion."
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
Enquiries: info@bushveldminerals.com
Bushveld Minerals Limited
Fortune Mojapelo +27 (0) 11 268 6555
Strand Hanson Limited (Nominated Adviser)
Andrew Emmott / Ritchie Balmer +44 (0) 20 7409 3494
Beaufort Securities (Joint broker)
Jon Bellis +44 (0) 20 7382 8300
SP Angel Corporate Finance (Joint broker)
Ewan Leggat +44 (0) 20 3470 0470
Blytheweigh (Public Relations)
Tim Blythe / Camila Horsfall +44 (0) 20 7138 3204
Gabriella von llle +27 (0) 711 121 907
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a diversified AIM listed mineral
development company with a portfolio of vanadium, iron ore, tin and
coal greenfield assets in Southern Africa and Madagascar. The
Company's flagship platform, the vanadium platform, includes the
Mokopane Vanadium Project, the Brits Vanadium Project, and the
Bushveld Iron Ore & Titanium Project. The tin platform
comprises the Mokopane Tin Project whereas the Imaloto Coal
Project, which is being developed as one of Madagascar's leading
independent power producers, makes up the Company's coal
platform.
The Company's vision is to become the largest low cost
integrated primary vanadium producer through owned low-cost
high-grade assets. This incorporates development and promotion of
the role of vanadium in the growing global energy storage market
through Bushveld Energy, the Company's energy storage solutions
provider. Whilst the demand for vanadium remains largely anchored
in a slow growing steel industry, Bushveld Minerals believes there
is a strong potential for imminent significant global vanadium
demand surge from the fast-growing energy storage market,
particularly through the use and adoption of Vanadium Redox Flow
Batteries.
Bushveld Minerals' approach to project development recognises
that whilst attractive project economics are imperative, they are
insufficient to secure capital to bring them to account. A clear
path to production with a visible timeframe, low capex requirements
and scalability are important factors in retaining an attractive
exit option. This philosophy is core to the Company's strategy in
developing projects. Detailed information on the Company and
progress to date can be accessed on the website:
www.bushveldminerals.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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