TIDMBMN
RNS Number : 3267Z
Bushveld Minerals Limited
13 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.
13 September 2022
Bushveld Minerals Limited
("Bushveld Minerals" "Bushveld" or the "Company")
Issue of Equity and Novation of Lind Convertible Loan Note
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, announces that
further to the announcement made on 2 September 2022, the Company
has issued 20,876,937 shares to Lind Global Macro Fund, LP ("Lind")
pursuant to Lind's election, to redeem its US$1,250,000 Convertible
Loan Note ("Lind's Mustang CLN") issued by Mustang Energy Plc
("Mustang") on 26 April 2021 pursuant to the terms of the Loan Note
Instrument.
Redemption of Lind's Mustang CLN
-- Lind's Mustang CLN was issued to Lind following its
participation in a US$8 million capital raise by Mustang in 2021,
for purposes of investing in VRFB Holdings Limited ("VRFBH") as
announced on 27 April 2021.
-- As announced on 2 September 2022, the deadline for
Readmission (and accordingly, for exercising the Backstop) as
announced on 19 January 2022 and in an update on 29 March 2022 has
been extended further to 28 October 2022 to allow Mustang to
complete its Readmission process, by the holders of the Mustang
CLNs other than Lind, which has elected to exercise the
Backstop.
-- Bushveld will allot 20,876,937 shares to Lind, based on the
20 day Volume Weighted Average Price prior to 5 September 2022, and
rounded down to the nearest share, as is equal to the face value of
Lind's Mustang CLN plus accrued interest at 10% from 26 April 2021
up until 11 September 2012, applying an exchange rate of
US$1.1589/GBP1.00.
-- The shares issued are to be admitted to trading on AIM within
5 business days thereafter, in accordance with the terms of the
Investment Agreement, and Bushveld expects admission to occur on 20
September 2022.
-- Following Admission, there will be a total of 1,287,818,281
Ordinary Shares in issue, 670,000 of which are held in treasury.
Shareholders should use the figure of 1,287,148,281 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 voting rights of the Company, under the FCA's
Disclosure and Transparency Rules.
ENDS
Enquiries: info@bushveldminerals.com
Contact
+27 (0) 11 268
Bushveld Minerals Limited 6555
Fortune Mojapelo, Chief Executive
Officer
Chika Edeh, Head of Investor
Relations
SP Angel Corporate Finance Nominated Adviser +44 (0) 20 3470
LLP & Broker 0470
Richard Morrison / Charlie
Bouverat
Grant Baker / Richard Parlons
+44 (0) 20 7653
RBC Capital Markets Joint Broker 4000
Jonathan Hardy / Caitlin Leopold
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
IOEUOOVRUUUKAAR
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September 13, 2022 11:35 ET (15:35 GMT)
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