Bushveld Minerals Limited Completion of Placing (0818I)
August 25 2016 - 2:02AM
UK Regulatory
TIDMBMN
RNS Number : 0818I
Bushveld Minerals Limited
25 August 2016
25 August 2016
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Completion of Placing
Bushveld Minerals Limited (AIM: BMN), a diversified mineral
development company with projects in South Africa and Madagascar,
is pleased to announce it has placed 38,666,668 new ordinary shares
of 1.0 pence each in the Company ("Ordinary Shares") at a price of
1.5 pence each (the "Placing Shares") raising gross proceeds of
GBP580,000 (the "Placing"). The Placing was co-ordinated by
Beaufort Securities Limited.
Participants in the Placing have also been issued with warrants
("Warrants") on the basis of one Warrant for every two Placing
Shares subscribed for in the Placing. The Warrants have an exercise
price of 2.4 pence and an expiry period of two years from the date
of issue. In addition, Beaufort Securities Limited has been issued
3,866,667 broker warrants exercisable at 1.5 pence and with an
expiry period of five years from the date of issue.
The net proceeds of the Placing will be used for general working
capital purposes; continuing costs associated with the Vametco
transaction; ongoing work in respect of Bushveld Energy's
Cooperation Agreement with the IDC and continuing work on Lemur
Resources IPP project in Madagascar.
The Company also advises on the progress with respect to the
acquisition, together with Yellow Dragon Holdings Limited ("YDH"),
of a 78.8% interest in Strategic Minerals Cooperation ("SMC"). The
Company is currently engaged with efforts to fulfill the conditions
precedent of the transaction, including the securing of relevant
regulatory approvals. Furthermore, the Company notes the recently
announced disposal by YDH of the Ordinary Shares it held in
Bushveld. The Company sees no reason in this disposal to cause
concern in respect of the interest and capacity of both YDH and
Bushveld to complete the SMC acquisition.
Admission to AIM and Total Voting Rights
Application has been made for admission of the Placing Shares to
trading on AIM ("Admission") and it is expected that Admission will
take place and that trading will commence on AIM at 8.00 a.m. on 31
August 2016.
Following Admission, there will be a total of 630,337,440
Ordinary Shares in issue, 670,000 of which are held in treasury.
Shareholders should use the figure of 629,667,440 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.
Commenting on the Placing, CEO of Bushveld, Fortune Mojapelo,
said
"I am pleased with the successful Placing, which comes in handy
at an important time for the Company. We have, as a company been
careful in limiting the number of placings the Company undertakes
and have thus made significant strides with limited dilution for
our shareholders. The Placing will help us maintain our focus on
the financing of the acquisition of SMC, which is set to transform
us into a significant low cost integrated vanadium company."
Enquiries: info@bushveldminerals.com
Bushveld Minerals +27 (0) 11
Fortune Mojapelo 268 6555
Strand Hanson Limited
Andrew Emmott / +44 (0) 20
Ritchie Balmer 7409 3494
Mirabaud Securities
LLP +44 (0) 20
Rory Scott 7878 3360
Beaufort Securities
Limited +44 (0) 20
Jon Belliss 7382 8300
Tavistock (UK) +44 (0) 20
Jos Simson 7920 3150
Blytheweigh +27 (0)
Gabriella von Ille 711 121 907
Notes to the editor
Bushveld Minerals Limited is a mineral development company with
a portfolio of vanadium-and titanium bearing iron ore, tin and coal
assets in Southern Africa and Madagascar.
The Group owns the Bushveld Vanadium Project, Mokopane Vanadium
Project, Bushveld Iron Ore Project and Mokopane Tin Project,
located on the northern limb of the Bushveld Complex, South Africa.
Bushveld also owns the Imaloto coal project in Madagascar, acquired
in September, 2015, through its takeover of Lemur Resources.
Bushveld was admitted to the AIM of the London Stock Exchange in
March 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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August 25, 2016 02:02 ET (06:02 GMT)