REG - Bushveld Minerals Ld - Further update on Outstanding Funds

Bushveld MineralsAnnouncement

15/01/2024 11:15

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RNS Number : 7151Z  Bushveld Minerals Limited  15 January 2024

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.

 

15 January 2024

Bushveld Minerals Limited

("Bushveld" or the "Company")

Further update on Outstanding Funds

 

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium
producer, announces that the receipt of the US$12.5 million funds from
Southern Point Resources (SPR) under the recent US$18.4 million equity capital
raising has not yet occurred.

 

SPR and its capital providers continue to confirm that the funds will be
forthcoming having been impacted by administrative, procedural, and holiday
period delays.

Bushveld has, as previously announced, issued a Letter of Demand to SPR for
the contractual outstanding funds.

 

The Management and Board of Bushveld are monitoring the situation closely.
However, until the funding is received, and in order to manage working capital
and preserve cash reserves, Bushveld has had to constrain production, suspend
certain operational activities and defer creditor payments. The Company may
have to consider suspending operations if further payment delays occur.

 

An additional update will be issued in due course when further information is
available.

 

 

 

Enquiries: info@Bushveldminerals.com (mailto: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 & Joint Broker      +44 (0) 20 3470 0470
 Richard Morrison / Charlie Bouverat
 Grant Barker / Richard Parlons

 Hannam & Partners                                       Joint Broker                          +44 (0) 20 7907 8500
 Andrew Chubb / Matt Hasson / Jay Ashfield

 Tavistock                                               Financial PR                          +44 (0) 207 920 3150
 Gareth Tredway / Tara Vivian-Neal / James Whitaker

 

 

 

ENDS

 

 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a vertically integrated primary vanadium producer, it is
one of only three operating primary vanadium producers. 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.

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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