TIDMBMN
RNS Number : 2565X
Bushveld Minerals Limited
08 August 2018
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.
8 August 2018
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Result of Annual General Meeting & Issue of Equity
Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated
primary vanadium producer, with ownership of high grade vanadium
assets is pleased to announce that all resolutions put to
Shareholders at the Annual General Meeting held earlier today were
duly passed, including Resolution 9, to approve the issue and
allotment of 24,847,310 new ordinary shares of 1 pence each to be
issued to certain directors, senior employees and advisors of the
Company (the "Compensation Shares").
Issue of Equity
Further to the approval by Shareholders of the Retrospective
Compensation Scheme (details of which are set out in the "Final
Results for the Period Ended 31 December 2017" announcement dated
29 June 2018), the Board has today issued the Compensation Shares
as follows:
Name of recipient Role Number of
Compensation
Shares
Fortune Mojapelo Chief Executive Officer 7,000,000
-------------------------------------------- --------------
Non-Executive Director (Executive Director
Anthony Viljoen till 09/11/2017) 7,000,000
-------------------------------------------- --------------
Ian Watson Non-Executive Chairman 3,015,000
-------------------------------------------- --------------
Jeremy Friedlander Non-Executive Director 1,050,000
-------------------------------------------- --------------
Bill Chipane Director of Bushveld Vametco Limited 2,500,000
-------------------------------------------- --------------
Senior Employees
and Advisors 4,282,310
--------------
Total Shares 24,847,310
--------------
The Compensation Shares are subject to a minimum restricted hold
period of 12 months except for limited circumstances including
meeting any tax liabilities resulting from the share award.
The Compensation Shares will represent approximately 2.26% of
the Company's enlarged issued share capital.
Admission to AIM and Total Voting Rights
Application will be made for admission of these 24,847,310 new
Ordinary Shares to trading on AIM ("Admission"). It is expected
that Admission will take place on or around 15 August 2018.
Following Admission, there will be a total of 1,104,871,960
Ordinary Shares in issue, 670,000 of which are held in treasury.
Shareholders should use the figure of 1,104,201,960 as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in the voting rights of the Company, under the FCA's
Disclosure and Transparency Rules.
Directors' Shareholdings
Following the issue of the Compensation Shares, the directors'
shareholdings in the Company are as follows:
Director Current Shareholding Number of Compensation Resultant % of Enlarged
Shares Awarded Shareholding Issued Share
Capital
Anthony Viljoen 9,826,667 7,000,000 16,826,667 1.52%
--------------------- ----------------------- -------------- --------------
Fortune Mojapelo 9,660,000 7,000,000 16,660,000 1.51%
--------------------- ----------------------- -------------- --------------
Ian Watson 540,000 3,015,000 3,555,000 0.32%
--------------------- ----------------------- -------------- --------------
Jeremy Friedlander Nil 1,050,000 1,050,000 0.10%
--------------------- ----------------------- -------------- --------------
Geoff Sproule 1,500,000 Nil 1,500,000 0.14%
--------------------- ----------------------- -------------- --------------
Michael Kirkwood 300,000 Nil 300,000 0.03%
--------------------- ----------------------- -------------- --------------
PDMR Dealing
The notifications below, made in accordance with the
requirements of the EU Market Abuse Regulation, provide further
detail on the director's share dealing.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1. Details of the person discharging managerial responsibilities/person
closely associated
(a) Full name of person Dealing i. Fortune Mojapelo
ii. Anthony Viljoen
iii. Ian Watson
iv. Jeremy Friedlander
v. Bill Chipane
vi. Kate Bredin
----------------------------------------- ---------------------------------------------------------------
2. Reason for notification
----------------------------------------------------------------------------------------------------------
(b) Position/status i. Chief Executive Officer
ii. Non-Executive Director
iii. Non-Executive Chairman
iv. Non-Executive Director
v. Head: Corporate Development
vi. Head: Compliance
----------------------------------------- ---------------------------------------------------------------
(c) Initial notification/ Amendment Initial notification
----------------------------------------- ---------------------------------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------------------------
(d) Name of entity Bushveld Minerals Limited
----------------------------------------- ---------------------------------------------------------------
(e) LEI 213800GX31GYRET8ZE57
----------------------------------------- ---------------------------------------------------------------
4. Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------------------------------------------------
(a) Description of the financial instrument, Ordinary shares of 1 pence
type of instrument each
----------------------------------------- ---------------------------------------------------------------
(b) Identification code GG00B4TM3943
----------------------------------------- ---------------------------------------------------------------
(c) Nature of the transaction Issue of ordinary shares
in lieu of historic compensation
shortfalls
----------------------------------------- ---------------------------------------------------------------
(d) Price(s) and volume(s) Prices(s) Volume(s)
i. Nil i. 7,000,000
ii. Nil ii. 7,000,000
iii. Nil iii. 3,015,000
iv. Nil iv. 1,050,000
v. Nil v. 2,500,000
vi. Nil vi. 2,258,455
-----------------------
----------------------------------------- ---------------------------------------------------------------
(e) Aggregated information: Single transaction as
- Aggregated volume in 4(d) above Prices(s) Volume(s)
- Price i. Nil i. 7,000,000
ii. Nil ii. 7,000,000
iii. Nil iii. 3,015,000
iv. Nil iv. 1,050,000
v. Nil v. 2,500,000
vi. Nil vi. 2,258,455
-----------------------
----------------------------------------- ---------------------------------------------------------------
(f) Date of transaction 8 August 2018
----------------------------------------- ---------------------------------------------------------------
(g) Place of transaction St Peter Port, Guernsey
(off-market issue of new
ordinary shares)
----------------------------------------- ---------------------------------------------------------------
Enquiries: info@bushveldminerals.com
Bushveld Minerals +27 (0) 11 268 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of Investor
Relations
SP Angel Corporate Finance
LLP Nominated Adviser & Broker +44 (0) 20 3470 0470
Ewan Leggat
Richard Morrison
Laura Harrison
Alternative Resource Capital Joint Broker
Rob Collins +44 (0) 207 186 9001
Alex Wood +44 (0) 207 186 9004
Tavistock Financial PR
Charles Vivian / Gareth Tredway +44 (0) 207 920 3150
Lifa Communications Financial PR
Gabriella von Ille +27 (0) 711 121 907
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low cost, integrated, primary vanadium
producer, with ownership of high grade vanadium assets.
The Company's flagship vanadium platform includes a 59.1 per
cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a
primary vanadium mining and processing company; the Mokopane
Vanadium Project and the Brits Vanadium Project.
Bushveld's vision is to become a significant, low cost,
integrated primary vanadium producer through owning 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 the
steel industry, Bushveld Minerals believes there is strong
potential for an imminent and significant global vanadium demand
surge from the fast-growing energy storage market, particularly
through the use and adoption of Vanadium Redox Flow Batteries.
While the Company's focus is on vanadium operations and the
development and promotion of VRFBs, it has additional investments
in coal, power and tin.
The coal platform comprises the wholly-owned Imaloto Coal
Project, which is being developed as one of Madagascar's leading
independent power producers. The Company's tin interests are held
through its shareholding in AIM listed AfriTin Mining Limited.
The Company's 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 within a visible timeframe, low capital
expenditure requirements and scalability are important factors in
ensuring a positive return on investment. 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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCPPMFTMBBMBBP
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August 08, 2018 12:13 ET (16:13 GMT)
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