REG - Bushveld Minerals Ld - Further Update on Outstanding Funds

Bushveld MineralsAnnouncement

14/03/2024 09:45

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RNS Number : 8728G  Bushveld Minerals Limited  14 March 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.

 

14 March 2024

Bushveld Minerals Limited

("Bushveld" or the "Company")

 

Further Update on Outstanding Funds

 

 

Bushveld Minerals Limited (AIM: BMN), the primary vanadium producer,
announces that the Company has received a further ZAR56.3 million (~US$3.0
million) from Southern Point Resources' ("SPR"), as a loan on an
interest-free basis. The Company has now been loaned the full amount due
of US$12.5 million on an unsecured, non-refundable, interest-free basis by
SPR (the "Loan").

 

The Loan will be settled once either SPR provides Bushveld with the US$12.5
million subscription monies in the United Kingdom, pursuant to the SPR
subscription agreement (the "Subscription Agreement"), or through an
alternative South African Reserve Bank ("SARB") approved settlement structure.
The monies received today have been paid from SPR's bank account in South
Africa to Bushveld's bank account in South Africa. Exchange laws in South
Africa require SARB approval to remit local funds offshore, being the
complicating factor.

 

The Company remains engaged with SPR whilst SPR completes the formalities to
 finalise the Subscription Agreement. The subscription monies owed to
Bushveld remain classified as a short-term receivable on the balance sheet but
are offset by the same amount as a short term payable in a subsidiary until
such time as the loan is settled.

 

 Craig Coltman, CEO of Bushveld Minerals commented:

"The receipt of this cash enables the Company to reduce creditor balances
whilst we continue to implement the necessary initiatives to improve
operational performance at Vanchem and Vametco."

 

 

 

 

 

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 primary vanadium producer, it is one of only three
operating primary vanadium producers. Bushveld has 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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