REG - Bushveld Minerals Ld - Option Agreement with Portillion

Bushveld MineralsAnnouncement

14/12/2023 11:15

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RNS Number : 8575W  Bushveld Minerals Limited  14 December 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 December 2023

Bushveld Minerals Limited

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

Option Agreement with Portillion

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium
producer, is pleased to announce that that it has entered into an option
agreement ("Option Agreement") with Portillion Capital Limited ("Portillion"),
for Portillion to subscribe for 44,847,748 new Ordinary shares at a price of 3
pence per share, for an amount of £1,345,432.44.

Further to the Company's announcement of 5 December 2023 in relation to the
conditional fundraising undertaken by the Company, and the announcement of 12
December 2023 in relation to closing of the PrimaryBid Offer, the Company has
conditionally raised approximately US$18.5 million (£14.7 million).

In addition, the Company has now entered into the Option Agreement whereby,
under the Company's existing share authorities, Portillion has been granted
the option to subscribe, on or before 28 February 2024, for up to 44,847,748
new ordinary shares of 1p each in the Company to raise up to an additional
£1,345,432.44 (representing an exercise price per new Ordinary Share of 3
pence) (the "Option"), which would increase the total funds raised up to
approximately US$20.2 million (£16.0 million).

Pursuant to the Option Agreement, Portillion has also given an irrevocable
undertaking to vote in favour of the resolutions to be proposed to
shareholders at the Company's forthcoming General Meeting due to take place on
27 December 2023.

The Option Agreement is conditional on inter alia on the approval by the
requisite majority of shareholders of the Company of each of the Fundraising
Resolutions (as defined in the circular ("Circular") published by the Company
on 5 December 2023) and completion of the Fundraising, the Orion Restructure
and completion of the Vametco Acquisition (as each term is defined in the
Circular).

Mr. Kamran Sattar, CEO of Portillion, currently holds approximately 5.04% of
the Company's issued share capital and, if Portillion exercises the option in
full, Mr. Sattar and Portillion will retain, in aggregate, the same percentage
in the Company's enlarged share capital  following exercise of the Option.

Craig Coltman, CEO of Bushveld Minerals commented: "We appreciate Portillion's
support of the restructuring initiatives and their endorsement of the
resolutions being put to shareholders. This capital raise will allow us to
fund capital expenditure at Vametco and Vanchem and to increase
production."

Kamran Sattar CEO of Portillion Capital stated:  "Portillion is pleased to
support the restructuring of Bushveld Minerals. We are excited to see
management deliver on their plans and for Bushveld to be a Company that
investors can trust."

 

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, 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

 

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 3,842 mtV, representing more than 3% 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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