TIDMBMN
RNS Number : 8324I
Bushveld Minerals Limited
09 August 2023
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.
09 August 2023
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Mustang Energy Update: Conversion Notice
Bushveld Minerals Limited (AIM: BMN), the integrated primary
vanadium producer and energy storage solutions provider, announces
that pursuant to the Investment Agreement between Mustang Energy
plc ("Mustang") and the Company dated 26 April 2021 (as amended),
if the Mustang's shares had not been readmitted to trading on the
London Stock Exchange's Main Market for listed securities
("Readmission") by 31 July 2023, the holders of the Mustang's
convertible loan notes ("CLN") would be able to effect the backstop
arrangements previously agreed between the Company and Mustang.
The backstop arrangements would result in the issuance to each
CLN holder of such number of new ordinary shares in Bushveld at a
price equal to the 20-day volume weighted average price of a new
ordinary share of 1 pence each in the Company prior to the date of
issue (the "New Shares") as is equivalent to the principal amount
together with all accrued and unpaid interest thereon.
Bushveld advises that Mustang has been informed by each of the
CLN holders that they have elected to redeem their CLNs using the
above process. T he total value of CLNs held by the note holders is
GBP7,150,357 of the 2021 Convertible Loan Notes (as defined in the
announcement of 10 October 2022) and 2023 CLNs (as defined in the
announcement of 12 April 2023), converting into a total of
270,393,578 new ordinary shares of 1 pence each in Bushveld,
equating to an issue price of 2.644 pence per New Share. The New
Shares represent 17.4% of the enlarged share capital of the
Company. Following this exercise, the holders of the 2021
Convertible Loan Notes and 2023 CLNs will no longer hold any
convertible loan notes in Mustang.
On completion of the redemption process described above, Mustang
will transfer its 22.1% interest in VRFB-H and novate its rights
under the US$2.0 million loan made to Enerox GmbH to Bushveld.
Bushveld Minerals Limited and Bushveld Energy Limited will hold
22.1% and 50.5% in VRFB-H respectively. It is intended that payment
of the backstop fee will be deferred until Readmission takes place
and will be settled in Mustang shares.
Application will be made for the New Shares to trading on AIM
("Admission") and it is expected that the Admission will take
effect on or around 15 August 202 3.
Following Admission, there will be a total of 1,558,211,859
Bushveld ordinary shares in issue, 670,000 of which are held in
treasury. Shareholders should use the figure of 1,557,541,859 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.
ENDS
Enquiries: info@bushveldminerals.com
Bushveld Minerals Limited +27 (0) 11 268 6555
Craig Coltman, Chief Executive
Officer
Chika Edeh, Head of Investor Relations
Nominated Adviser
SP Angel Corporate Finance LLP & Broker +44 (0) 20 3470 0470
Richard Morrison / Charlie Bouverat
Grant Baker / Richard Parlons
RBC Capital Markets Joint Broker +44 (0) 20 7653 4000
Sahil Suleman / Jamil Miah
Tavistock Financial PR
Gareth Tredway / Tara Vivian-Neal/
James Whitaker +44 (0) 207 920 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 2022, the Company produced more
than 3,800 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 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 Nitro Vanadium.
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 concentrate is fed into the
extraction process which consists of a rotary kiln for roasting
followed by leaching and precipitation. Thereafter the precipitated
vanadium as ammonium metavanadate is converted to modified vanadium
oxide ("MVO") in a rotary calciner. MVO is fed into the mix plant
and finally into the shaft furnaces to produce Nitro Vanadium.
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.
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END
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