TIDMBMN
RNS Number : 5905E
Bushveld Minerals Limited
09 November 2020
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 November 2020
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Circular and Notice of General Meeting
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated
primary vanadium producer and energy storage provider, with
ownership of high-grade assets in South Africa, announces that, f
urther to the announcement made today, the Company has published a
Circular (the "Circular") in connection with the US$35 million
Convertible Loan Note Instrument (the "Instrument") issued to Orion
Mine Finance ("Orion").
As Orion can now subscribe for the full US$35 million of
convertible loan notes under the Instrument at a conversion price
of 17 pence for each new ordinary share converted, and as the
exchange rate is determined at the time of conversion, the
Directors require additional authority to issue up to another
50,000,000 new ordinary shares, in addition to the 115,297,268 new
ordinary shares authorised for issue by shareholders on a non
pre-emptive basis at the Company's General Meeting, held on the 5
August 2020 . The total number of new ordinary shares available for
conversion would therefore be 165,297,268, which is equivalent to
approximately 14.3 per cent of the Company's current share
capital.
The Directors have therefore resolved to convene a general
meeting of the Company to propose the necessary resolutions to
issue the additional shares, to be convened for 10.00 a.m. on 27
November 2020 at Oak House, Hirzel Street, St Peter Port, Guernsey
GY1 3RH, notice of which is set out at the end of the Circular.
In addition, the Directors are proposing additional resolutions
at the General Meeting to refresh ongoing general authorities to
issue additional ordinary shares up to 10 per cent of the Company's
issued share capital. These are to provide the Company with the
flexibility of ongoing authorities to remain in place until the
Company's next annual general meeting (expected to be held in June
2021). These additional resolutions are conditional upon the
specific resolutions to issue the additional conversion shares
being passed.
The Directors consider that the resolutions at the General
Meeting are in the best interests of Shareholders as a whole and
unanimously recommend that Shareholders vote in favour of them as
they intend to do in respect of their own beneficial holdings of
30,231,667 Bushveld shares, representing 2.62 per cent of the
existing issued ordinary share capital of the Company.
A copy of the Notice of the Meeting and Circular have been
posted, a copy of the documents will also be
available for viewing on Bushveld's website at www.bushveldminerals.com
ENDS
Enquiries: info@bushveldminerals.com
Bushveld Minerals Limited +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
Richard Morrison / Charlie
Bouverat
Abigail Wayne / Richard Parlons
BMO Capital Markets Limited Joint Broker +44 (0) 20 7236 1010
Tom Rider / Michael Rechsteiner
/
Neil Elliot
Peel Hunt Limited Joint Broker +44 (0) 20 7418 8900
Ross Allister / Alexander
Allen
Tavistock Financial PR
Charles Vivian / Gareth Tredway
/
Edward Lee +44 (0) 207 920 3150
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 74 per cent
controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a
primary vanadium mining and processing company; 100 per cent of
Bushveld Vanchem, a primary vanadium processing facility with a
beneficiation plant; 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. 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.
Bushveld Energy, the Company's energy storage solutions provider,
plays a leading role in the development and promotion of the role
of vanadium in this market.
The Company's approach to project development recognises that,
whilst attractive project economics are imperative, they may be
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 .
About Vametco
Vametco is located near Brits on the Western Limb of the
Bushveld Complex. The integrated operation comprises a vanadium ore
mine and a processing plant that produces mostly Nitrovan , a
trademark product sold in major steel markets across the world. The
mine lies adjacent to the Brits Vanadium Project, which will in
future serve as an alternative source of near surface run of mine
("ROM") ore feed to the Vametco plant.
The Vametco mining operation uses open pit bench mining methods
to mine a well-defined orebody. The deposit is continuous with
limited faulting and dips in a northerly direction at approximately
19 degrees.
ROM ore is fed into a primary, secondary and tertiary crushing
circuit, followed by milling and magnetic separation to produce
magnetite concentrates. The magnetite concentrates are fed into the
extraction process which includes the kiln for roasting followed by
leaching and precipitation. Thereafter the precipitated vanadium as
ammonium metavanadate is converted to modified vanadium oxide
("MVO") in rotary calciners. MVO is fed into the mix plant and
finally into the shaft furnaces to produce Nitrovan.
About Vanchem
Vanchem is situated at Ferrobank Industrial Park in Emalahleni
Local Municipality, Mpumalanga Province in the Republic of South
Africa. Vanchem is a primary vanadium producing facility with a
beneficiation plant capable of producing various vanadium oxides,
ferrovanadium and vanadium chemicals. Vanchem uses the salt roast
beneficiation process, similar to the one used at Vametco. The
plant comprises: a core salt-roast processing plant, including 3
roasting kilns, an electric smelting ferrovanadium converter, an
alumino-thermic smelting facility, also located at Highveld, a
vanadium chemical plant; and a rail siding linking the plant with
Bushveld deposits and additional potential supply sources through
the national rail network.
About Bushveld Energy Limited
Bushveld Energy is a leading energy storage solutions provider,
focusing on the African market. Bushveld Energy recognises that
electricity in Africa intersects paramount potential for social
transformation with an immense commercial opportunity.
Bushveld Energy is focused on developing and promoting the role
of vanadium in the growing global energy storage market through
application in vanadium redox flow batteries. Its near term
strategy is to deploy several VRFB systems as part of its longer
term vision to become a significant electricity storage provider in
Africa, meeting the demand for utility scale energy storage in
Africa by leveraging South Africa-mined and beneficiated
vanadium.
http://www.bushveldenergy.com
About Orion
Orion is a global alternative investment management firm with
approximately US$6.2 billion under management (as of 3/31/2020).
Orion specializes in institutional metals and mining investment
strategies in the industrial and precious metals space. Orion's
private equity, hedge fund, and merchant service divisions enable
us to access in-depth knowledge of the global metals and mining
supply chain and robust insight into the physical and financial
demand driving global metals prices.
For more information visit www.orionresourcepartners.com .
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END
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