TIDMBMN
RNS Number : 8877D
Bushveld Minerals Limited
07 March 2022
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.
07 March 2022
Bushveld Minerals Limited
("Bushveld Minerals" "Bushveld" or the "Company")
Bushveld successfully defends Litigation
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
report on the judgement outcome of the litigation as set out
below.
As announced on 14 July 2021, Garnet Commerce Limited ("Garnet")
issued a claim form in the English High court against VRFB Holdings
Limited ("VRFB-H") and Enerox Holdings Limited ("EHL"). EHL owns a
100 per cent interest in Enerox GmbH ("Enerox"), a Vanadium Redox
Flow Battery manufacturer, providing grid scale and micro-grid
energy storage solutions.
Garnet's claim form sought declarations against VRFB-H
concerning an alleged breach of the joint venture agreement in
relation to EHL. The alleged breach was in respect of the indirect
investment, announced on 27 April 2021, into EHL by Mustang Energy
Plc through VRFB-H, in terms of which Mustang acquired a 22.1
percent shareholding in VRFB-H in return for an investment of
US$7,5 million.
The Company notes the judgment handed down earlier today in the
High Court of Justice: Business and Property Courts of England and
Wales (Chancery Division) in the matter between Garnet Commerce
Limited (Claimant), VRFB Holdings Limited and Enerox Holdings
Limited (Defendants) and 2289609 Alberta Limited (Third Party)
[Claim No. BL-2021-001153].
The judgement outcome vindicates the position that the
investment by VRFB Holdings Limited ("VRFB-H") into Enerox Holdings
Limited ("EHL"), funded as it were partly from an investment by
Mustang plc ("Mustang"), was entirely appropriate and not in
violation of any agreements. Accordingly, the investment by Mustang
into VRFB-H, and the investment by VRFB-H into EHL,continue to be
in place. As previously announced, Mustang's investment into VRFB-H
constitutes a reverse takeover according to the AIM Rules. As such,
Mustang shares will remain suspended while it prepares a prospectus
on its investment into VRFB-H.
Meanwhile, Bushveld and Mustang have agreed on the extension of
the notice period for Mustang to issue notice in respect of the
backstop as announced on 19 January 2022, by a further 72 hours to
close of business on Thursday, 10 March 2022 to allow both parties
to digest the judgment and its implications. The Company will
provide further updates in due course.
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
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 BUSHVELD ENERGY LIMITED
Bushveld Energy is a leading energy storage solutions provider,
focusing on the African market. Bushveld Energy recognises that the
requirement for electricity in Africa touches on both the paramount
potential for social transformation and 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 ("VRFB"). 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. Bushveld Energy's business model embraces a number of
activities along the VRFB value chain, including electrolyte
manufacturing, investment in VRFB manufacturing, battery deployment
and project development.
http://www.bushveldenergy.com
ABOUT MUSTANG ENERGY
Mustang Energy PLC is a Special Purpose Acquisition Company
(SPAC), whose shares are listed on the Standard List of the Main
Market of the London Stock Exchange, which intends to utilise its
strong management experience and strategic relationship with Acacia
Resources Limited, the Company's largest shareholder, to acquire
interests in energy storage and stationary battery assets.
http://www.mustangplc.com/
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END
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March 07, 2022 08:22 ET (13:22 GMT)
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