Bushveld Minerals Limited Amendment to Mustang Energy Investment Agreement (1630Y)
September 02 2022 - 10:36AM
UK Regulatory
TIDMBMN
RNS Number : 1630Y
Bushveld Minerals Limited
02 September 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.
02 September 2022
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Amendment to the Investment Agreement between Bushveld Energy
and others and Mustang Energy Plc ("Mustang")
On 27 April 2021, 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, announced an investment by Mustang Energy Plc ("Mustang";
"LON: MUST"), into VRFB Holdings Limited ("VRFB-H") to acquire an
indirect interest of 11.05 per cent in Enerox GmbH ("Enerox"). The
investment was financed through the issue of US$8,000,000
Convertible Loan Notes ("CLNs") to several investors
("Noteholders") bearing 10% interest per annum (the "Mustang
Capital Raise").
A condition of the CLNs was that if the Mustang shares were not
readmitted to the Official List (by way of a Standard Listing) and
to trading on the London Stock Exchange's main market for listed
securities ("Readmission"), Mustang had the right, on behalf of the
Noteholders, to require Bushveld Minerals to issue new ordinary
shares (at a price equal to the 20 day volume weighted average
price of a new Bushveld ordinary share prior to the date of issue)
as is equivalent to the principal amount of each Noteholder's CLNs
together with all accrued and unpaid interest thereon. In exchange,
Mustang will transfer a proportionate number of its VRFB-H shares
to Bushveld Energy Limited (the "Backstop").
Mustang has notified the Company that one of the Noteholders of
CLNs (the "Redeeming Noteholder") with a principal amount of
US$1.25 million (and accrued and unpaid interest thereon) wishes to
effect the Backstop in respect of its CLNs. Discussions between the
Company and the Redeeming Noteholder are currently underway to
finalise the arrangements to effect the Backstop.
In addition, t he parties to the Investment Agreement dated 26
April 2021 (being Bushveld, Mustang, VRFB-H, Bushveld Energy
Limited and Acacia Resources) and as amended and restated on 18
January 2022 and 28 March 2022, have now agreed to extend the date
by which Mustang's shares are readmitted to the Official List (by
way of a Standard Listing) and to trading on the London Stock
Exchange's main market for listed securities ("Readmission") until
28 October 2022. The extension is to allow for the finalisation of
a prospectus and review process of that prospectus by the Financial
Conduct Authority in connection with Readmission .
ENDS
Enquiries: info@bushveldminerals.com
+27 (0) 11 268
Bushveld Minerals Limited 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of 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 2021, the Company produced 3,592
mtV, representing approximately 3% 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. Growth
plans to expand to 8,000 mtVp.a. will be pursued, subject to
funding and market conditions.
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
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END
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