REG - Bushveld Minerals Ld - Primorus Conversion Notice

Bushveld MineralsAnnouncement

06/04/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220406:nRSF4468Ha&default-theme=true

RNS Number : 4468H  Bushveld Minerals Limited  06 April 2022

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.

 

 

06 April 2022

 

Bushveld Minerals Limited

 

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

 

Primorus Conversion Notice

 

Bushveld Minerals Limited (AIM: BMN), the AIM-listed, integrated primary
vanadium producer which owns high-grade vanadium assets in South Africa,
announces that it has received notice from Primorus Investments Plc
("Primorus") to exercise an amount of £204,810, being one-sixth of the
principal amount of the BMN CLN (the issuance of which was announced on 29
March 2022) plus accrued interest, into fully paid ordinary shares in the
capital of the Company ("Bushveld Shares").

Following this exercise, Primorus will be issued a total of 2,069,063 Bushveld
Shares.

Application will be made for the admission of these Bushveld Shares to trading
on AIM ("Admission"), and it is expected that Admission will occur at 8.00
a.m. on 12 April 2022.

Following Admission, there will be a total of 1,264,038,240 Bushveld
ordinary shares in issue, 670,000 of which are held in treasury. Shareholders
should use the figure of 1,263,368,240 as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in the Company, under
the FCA's Disclosure and Transparency Rules.

 

 

 

 

ENDS

 

Enquiries: info@bushveldminerals.com

 Bushveld Minerals Limited                                                           +27 (0) 11 268 6555
 Fortune Mojapelo, Chief Executive Officer
 Andrew Mari, Investor Relations

 SP Angel Corporate Finance LLP                    Nominated Adviser & Broker        +44 (0) 20 3470 0470
 Richard Morrison / Charlie Bouverat
 Grant Baker / Richard Parlons

 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 2021,
the Company produced 3,592 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 by the end
of 2022, from projects currently being implemented. Beyond that,
pre-feasibility studies are in progress to determine the optimal path to
increase production even further to a steady state production run rate of
between 6,400 mtVp.a. and 6,800 mtVp.a. in the medium-term and to a steady
state production run rate of 8,400 mtVp.a in the long term.

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/)

 

About Vametco

Vametco is located near Brits on the Western Limb of the Bushveld Complex.
The integrated operation comprises a vanadium ore mine and a processing plant
that produces mostly Nitrovan, a trademark product sold in major steel
markets across the world. The mine lies adjacent to the Brits Vanadium
Project, which will in future serve as an alternative source of near surface
run of mine ("ROM") ore feed to the Vametco plant.

The Vametco mining operation uses open pit bench mining methods to mine a
well-defined orebody. The deposit is continuous with limited faulting and dips
in a northerly direction at approximately 19 degrees.

ROM ore is fed into a primary, secondary and tertiary crushing circuit,
followed by milling and magnetic separation to produce magnetite concentrates.
The magnetite concentrates are fed into the extraction process which includes
the kiln for roasting followed by leaching and precipitation. Thereafter the
precipitated vanadium as ammonium metavanadate is converted to modified
vanadium oxide ("MVO") in rotary calciners. MVO is fed into the mix plant and
finally into the shaft furnaces to produce Nitrovan.

About Vanchem

Vanchem is situated at Ferrobank Industrial Park in Emalahleni Local
Municipality, Mpumalanga Province in the Republic of South Africa. Vanchem
is a primary vanadium producing facility with a beneficiation plant capable of
producing various vanadium oxides, ferrovanadium and vanadium chemicals.
Vanchem uses the salt roast beneficiation process, similar to the one used at
Vametco. The plant comprises: a core salt-roast processing plant, including 3
roasting kilns, an electric smelting ferrovanadium converter, an
alumino-thermic smelting facility, also located at Highveld, a vanadium
chemical plant; and a rail siding linking the plant with Bushveld deposits and
additional potential supply sources through the national rail network.

 

ABOUT BUSHVELD ENERGY LIMITED

Bushveld Energy is a leading energy storage solutions provider, focusing on
the African market. Bushveld Energy recognises that the requirement for
electricity in Africa touches on both the paramount potential for social
transformation and an immense commercial opportunity.

Bushveld Energy is focused on developing and promoting the role of vanadium
in the growing global energy storage market through application in vanadium
redox flow batteries ("VRFB"). Its near-term strategy is to deploy several
VRFB systems as part of its longer-term vision to become a significant
electricity storage provider in Africa, meeting the demand for utility scale
energy storage in Africa by leveraging South Africa-mined and
beneficiated vanadium. Bushveld Energy's business model embraces a number of
activities along the VRFB value chain, including electrolyte manufacturing,
investment in VRFB manufacturing, battery deployment and project
development. 

http://www.bushveldenergy.com (http://www.bushveldenergy.com/)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  CONGUGDSSDGDGDL