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REG - Bushveld Minerals Ld - Convertible Loan Note Update

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RNS Number : 1236G  Bushveld Minerals Limited  14 July 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.

 

14 July 2023

Bushveld Minerals Limited

("Bushveld Minerals", "Bushveld" or the "Company")

Convertible Loan Note Update

 

Bushveld Minerals Limited (AIM: BMN), the AIM-listed, integrated primary
vanadium producer, announces that the Company and Primorus Investments Plc
("Primorus") have agreed in principle to alter the terms of the BMN
Convertible Loan Note ("BCLN"), details of which were first announced on 19
January 2022.

 

As at the Maturity Date, being 14 July 2023, the total principal amount and
accrued interest of the outstanding BCLN held by Primorus is approximately
£910,000.

 

Bushveld and Primorus have agreed in principle to vary the terms of repayment
such that Bushveld will make the repayment in cash as opposed to shares on the
following terms:

 

·     An initial payment of USD$150,000, followed by bi-weekly payments of
USD$125,000 to Primorus, with the final payment to be made prior to the 30
November 2023.

·    During the repayment period, the outstanding balance shall bear
interest at the annual rate of 10%.

 

Following this agreement, there are no further outstanding BCLNs.

 

Craig Coltman commented: "We are pleased to have reached an amicable agreement
for the repayment of

these convertible loan notes. The revised arrangements mean that the Company
will not suffer dilution at these

low  levels. I will update the market on the Company's performance and
prospects at the forthcoming Q2

operational  update."

 

 

 

ENDS

 

Enquiries: info@bushveldminerals.com

 Bushveld Minerals Limited                                                       +27 (0) 11 268 6555
 Craig Coltman, Chief Executive Officer
 Chika Edeh, Head of Investor Relations

 SP Angel Corporate Finance LLP                  Nominated Adviser & 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/ Adam Baynes                                  +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 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.

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 (http://www.bushveldminerals.com)

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