Bushveld Minerals Limited Demerger Update (8526V)
November 08 2017 - 2:00AM
UK Regulatory
TIDMBMN
RNS Number : 8526V
Bushveld Minerals Limited
08 November 2017
8 November 2017
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Demerger Update - Distribution of AfriTin Mining Limited's
shares
Bushveld Minerals (AIM: BMN), a diversified mineral development
company with a portfolio of vanadium, tin and coal assets in
Southern Africa, announces an update to the demerger timetable
following the announcement on 23 October 2017. As described in the
Company's circular to shareholders dated 02 October 2017 (the
"Circular"), the demerger constitutes a sub-division of ordinary
shares in the Company into ordinary shares and redeemable shares
representing 85% of the deemed value of Greenhills Resources
Limited ("Greenhills"), with the redeemable shares being redeemed
for such deemed value in return for the Company transferring 85% of
Greenhills to AfriTin Mining Limited ("AfriTin Mining"), and
AfriTin Mining issuing Bushveld Shareholders with new AfriTin
Shares. The remaining 15% is retained by the Company and which on
admission to AIM ("Admission") of AfriTin Mining is be exchanged
for AfriTin Mining shares.
Bushveld Minerals shareholders should note that, for each
ordinary share held in Bushveld Minerals, Bushveld Minerals
shareholders will be issued approximately 0.0899 of a AfriTin
Mining share (rather than 1 AfriTin Mining Share as envisaged in
the Circular). This change has been made to avoid AfriTin having
too large a number of shares in issue and thus ensure that the
number of issued AfriTin Mining shares and their pricing are in
line with market practice and expectation. Nevertheless such new
AfriTin Mining shares will be issued to Bushveld Minerals
Shareholders in the same proportion (as near as practicable) in
which the Bushveld Minerals Ordinary Shares are held by them at the
record time for the Demerger. Bushveld Minerals shareholders will
therefore hold the same interest in AfriTin Mining as they do in
Bushveld Minerals, prior to any further share issuances that will
occur upon Admission of Afritin Mining (such as the proposed
placing of new AfriTin Mining shares).
The proposed issue of new AfriTin Mining Share is as per the
timetable below:
-- Redemption Date: 9 November 2017
-- Demerger Record Date: 8 November 2017
-- Payment Date: 9 November 2017
After the issue of new equity in AfriTin Mining it is
anticipated that, on admission to AIM, Bushveld Minerals and the
Bushveld shareholders will hold a combined interest of 41.9% in
AfriTin Mining.
Further updates will be provided as appropriate.
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
Fortune Mojapelo +27 (0) 11 268 6555
SP Angel Corporate Finance
Ewan Leggat +44 (0) 20 3470 0470
Beaufort Securities
Jon Belliss +44 (0) 20 7382 8300
Blytheweigh
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 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 a significant 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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