Market Abuse
Regulation (MAR) Disclosure
Certain information
contained in this announcement would have been deemed inside
information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement
9 August 2024
Bushveld Minerals
Limited
("Bushveld Minerals" "Bushveld" or the
"Company")
Agreement re: Settlement of SPR
Subscription Funds
Bushveld Minerals
Limited (AIM: BMN), the
integrated primary vanadium producer, is
pleased to announce that the Company has reached an agreement
with Southern Point Resources Fund I S.A.
LP ("SPR")
pursuant to which the US$12.5 million outstanding
subscription monies ("Subscription
Monies") shall be deemed satisfied on the basis that the
value has been received by the Bushveld group by way of loans
advanced in an aggregate amount of US$12.5 million ("Vanchem Loans"), made to Vanchem by
SPR.
The Vanchem Loans
will not be repayable for so long as Bushveld owns Vanchem. In the
event that the conditions to completion of the Vanchem
Disposal (as described in Company's circular dated
13 May 2024) are not satisfied, then the unpaid Subscription Monies
shall remain a debt owing to the Company but shall not be repayable
as long as the Vanchem Loans remain outstanding. These
arrangements do not require South African Reserve Bank ("SARB")
approval.
SPR, as a substantial shareholder in
the Company (as defined by the AIM Rules for Companies), is a
related party of the Company. Accordingly, the agreement with SPR,
as described above, is being treated as a related party transaction
pursuant to AIM Rule 13. The independent directors for the purposes
of the transaction, being the whole board, having consulted with
the Company's nominated adviser, consider that the terms of the
transaction are fair and reasonable in so far as the Company's
shareholders are concerned.
Enquiries : info@Bushveldminerals.com
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Bushveld
Minerals Limited
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+27 (0) 11 268
6555
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Craig Coltman, Chief Executive Officer
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SP Angel Corporate Finance
LLP
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Nominated Adviser & Joint
Broker
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+44 (0) 20 3470
0470
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Richard Morrison / Charlie
Bouverat
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Grant Barker / Abigail Wayne
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Hannam & Partners
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Joint Broker
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+44 (0) 20 7907
8500
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Andrew Chubb / Matt
Hasson / Jay Ashfield
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Tavistock
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Financial
PR
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+44 (0) 207 920
3150
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Gareth Tredway / Tara
Vivian-Neal / James Whitaker
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ENDS
ABOUT BUSHVELD
MINERALS LIMITED
Bushveld Minerals is a primary vanadium
producer. It is one of the world's three primary vanadium
producers, offering compelling exposure to vanadium through its
upstream asset.
Detailed information on the Company and progress
to date can be accessed on the website www.bushveldminerals.com.