REG - Bushveld Minerals Ld - Results of PrimaryBid Offer

Bushveld MineralsAnnouncement

12/12/2023 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:20231212:nRSL4101Wa&default-theme=true

RNS Number : 4101W  Bushveld Minerals Limited  12 December 2023

THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES NOT CONSTITUTE
OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION
OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF BUSHVELD MINERALS
LIMITED.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON
LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE,
PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO
THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

Capitalised terms not otherwise defined herein shall have the meanings given
to them in the announcement made by Bushveld Minerals Limited in respect of
the launch of the PrimaryBid Offer on 5 December 2023, unless the context
requires otherwise.

 

12 December 2023

 

Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

Results of PrimaryBid Offer

Bushveld Minerals (AIM: BMN), the AIM quoted, integrated primary vanadium
producer, is pleased to announce the successful completion of the PrimaryBid
Offer that was announced on 5 December 2023.

Following the successful completion of the Placing and the Subscription, as
announced by the Company on 5 December 2023 (the "Results Announcement"),
retail investors have subscribed via the PrimaryBid platform for a total of
2,451,114 new ordinary shares of 1 pence each in the Company ("Ordinary
Shares") at an issue price of 3 pence per Ordinary Share,  ("Primary Bid
Shares") raising gross proceeds of approximately £73,533.

Consequently, further to the Company's announcement on 5 December 2023
confirming a placing and subscription to raise approximately US$18.4 million
(£14.6 million) through the issue of 486,038,755 new Ordinary Shares at 3
pence per Ordinary Share and the issue of the Primary Bid Shares in aggregate,
488,489,869 new Ordinary Shares will be issued pursuant to the Fundraise
("Fundraise Shares"), subject to resolutions numbered 1 and 2 ("Fundraising
Resolutions") in the General Meeting Circular published on 5 December 2023
("Circular") and to be proposed at a general meeting of the Company's
shareholders to be held on 27 December 2023 in connection with the Fundraise.

Additionally, further to the Company's announcement of 27 November 2023. and
as detailed in the Circular, 124,267,747 new Ordinary Shares will be issued,
subject to the passing of the Fundraising Resolutions, pursuant to the
restructuring of the Orion Mine Finance Convertible Loan Note Refinancing,
("Orion Shares").

The Fundraise Shares will represent approximately 22.5 per cent. of the
Company's issued share capital as enlarged by the Fundraise and issue of Orion
Shares (excluding treasury shares), and raising aggregate gross proceeds of
approximately £14.7 million.

Craig Coltman, CEO of Bushveld Minerals commented: "We are grateful to all
investors that are supporting the Company and subscribed through the
PrimaryBid platform."

Admission, settlement and Total Voting Rights

An application will be made to the London Stock Exchange for the 488,489,869
 Fundraise Shares and 124,267,747 Orion Shares to be admitted to trading on
AIM. It is expected that Admission will become effective and dealings in the
Fundraise Shares and Orion Shares to be issued pursuant to the Fundraise will
commence on or around 28 December 2023, subject to the approval by the
Company's shareholders of the Fundraising Resolutions ("Admission").

Following Admission, there will be a total of 2,170,969,475 Ordinary Shares in
issue, 670,000 of which are held in treasury. Shareholders should use the
figure of 2,170,299,475 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.

The new Ordinary Shares to be issued pursuant to the PrimaryBid Offer will be
issued free of all liens, charges and encumbrances and will, on Admission,
rank pari passu in all respects with the new Ordinary Shares to be issued
pursuant to the Placing, the Subscription and the Company's existing Ordinary
Shares.

 

Enquiries

 Bushveld Minerals Limited                                   +27 (0) 11 268 6555

                                                           info@bushveldminerals.com (mailto:info@bushveldminerals.com)
 Craig Coltman, Chief Executive Officer

Chika Edeh, Head of Investor Relations

 PrimaryBid Limited                                          enquiries@primarybid.com

 Nick Smith / James Deal

 Hannam & Partners, Joint Broker & Joint Bookrunner          +44 (0) 20 7907 8500

 Andrew Chubb / Matt Hasson / Jay Ashfield

 SP Angel Corporate Finance LLP, Nominated Advisor           +44 (0) 20 3470 0470

 & Broker

 Richard Morrison / Charlie Bouverat

 Tavistock, Financial PR                                     +44 (0) 207 920 3150

 Gareth Tredway / Tara Vivian-Neal / James Whitmore

 

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  ROIGPGMPPUPWPPG