TIDMBMN
RNS Number : 6911R
Bushveld Minerals Limited
08 November 2021
Market Abuse Regulation ("MAR") Disclosure
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR.
08 November 2021
Bushveld Minerals Limited
("Bushveld Minerals" "Bushveld" or the "Company")
Repayment of Duferco convertible loan note and issue of
shares
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated
primary vanadium producer and energy storage solutions provider
with ownership of high-grade assets in South Africa, is pleased to
announce the final repayment of the amount due under the loan notes
to Duferco Participations Holding S.A. ("Duferco").
On 27 October 2021, the Company announced the final repayment
terms of the US$11.5 million unsecured convertible notes held by
Duferco the previous owner of Vanchem, effective on 8 November
2021.
The Company has now paid US$2.5 million of the amount due, as
well as the accrued interest of US$ 0.512 million, in cash and
satisfied the balance of US$9 million with the issue of 66,892,037
new ordinary shares of Bushveld, using a conversion price of 9.97p,
which is a 5 per cent discount to the prevailing 10-day volume
weighted average Bushveld Minerals share price leading up to
conversion. There is no lock in or orderly marketing period for the
shares issued.
The Company has also paid, on Duferco's behalf, working capital
adjustment and deferred business completion payment amounts owing
to Duferco Vanadium Alloys Proprietary Limited and Duferco Vanadium
Proprietary Limited in terms of the Business and Share Purchase
Agreement entered into between Bushveld, Duferco and others
announced on 1 May 2019 in an aggregate amount of around US$2.2
million payable in South African Rands (ZAR32,006,496).
This is the final payment to Duferco, for the acquisition of
Vanchem.
Application will be made for the admission of these new Bushveld
shares to trading on AIM ("Admission"), and it is expected that
Admission will occur at 8.00 a.m. on 12 November 202 1.
Following Admission, there will be a total of 1,260,458,857
Bushveld ordinary shares in issue, 670,000 of which are held in
treasury. Shareholders should use the figure of 1,259,788,857 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 Company, under the FCA's Disclosure and
Transparency Rules.
Fortune Mojapelo, CEO of Bushveld Minerals Limited,
commented:
"I'm pleased that we have made the final payment of our US$53.5m
acquisition of Vanchem. We are continuing with the refurbishment of
Kiln 3 to raise Vanchem's production run rate levels to 2,600 mtV
by the end of 2022, in the process diversifying our vanadium
product portfolio while significantly improving Vanchem's cost
position."
ENDS
Enquiries: info@bushveldminerals.com
+27 (0) 11 268
Bushveld Minerals Limited 6555
Fortune Mojapelo, Chief Executive
Officer
Andrew Mari, Investor Relations
Nominated Adviser +44 (0) 20 3470
SP Angel Corporate Finance LLP & Broker 0470
Richard Morrison / Charlie Bouverat
Grant Baker / Richard Parlons
+44 (0) 20 7418
Peel Hunt Limited Joint Broker 8900
Ross Allister / Alexander Allen
Tavistock Financial PR
Gareth Tredway / Tara Vivian-Neal/ +44 (0) 207 920
Adam Baynes 3150
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low-cost, vertically integrated primary
vanadium producer. It is one of only three operating primary
vanadium producers, owning 2 of the world's 4 operating primary
vanadium processing facilities. In 2020, the Company produced more
than 3,600 mtV, representing approximately three per cent of the
global vanadium market. With a diversified vanadium product
portfolio serving the needs of the steel, energy and chemical
sectors, the Company participates in the entire vanadium value
chain through its two main pillars: Bushveld Vanadium, which mines
and processes vanadium ore; and Bushveld Energy, an energy storage
solutions provider. Bushveld Vanadium is targeting to materially
grow its vanadium production and achieve an annualised steady state
production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a by
the end of 2022, from projects currently being implemented. Beyond
that, pre-feasibility studies are in progress to determine the
optimal path to increase production even further to a steady state
production run rate of between 6,400 mtVp.a. and 6,800 mtVp.a. in
the medium-term and to a steady state production run rate of 8,400
mtVp.a in the long term.
Bushveld Energy is focused on developing and promoting the role
of vanadium in the growing global energy storage market through the
advancement of vanadium-based energy storage systems, specifically
Vanadium Redox Flow Batteries ("VRFBs").
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.
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBPBITMTBMBBB
(END) Dow Jones Newswires
November 08, 2021 09:12 ET (14:12 GMT)
Bushveld Minerals (AQSE:BMN.GB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Bushveld Minerals (AQSE:BMN.GB)
Historical Stock Chart
From Jul 2023 to Jul 2024