REG - Bushveld Minerals Ld - Update on Outstanding Funds

Bushveld MineralsAnnouncement

10/01/2024 13:00

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RNS Number : 2852Z  Bushveld Minerals Limited  10 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.

 

10 January 2024

Bushveld Minerals Limited

("Bushveld" or the "Company")

Update on Outstanding Funds

 

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium
producer, announces that it has issued Southern Point Resources ("SPR") with a
letter of demand following the late payment of funds under the SPR
Subscription Agreement.

 

As mentioned in the announcement dated 3 January 2024
(https://www.londonstockexchange.com/news-article/BMN/update-following-equity-issue/16274522)
, the Company was provided assurance last week that the US$12.5 million in
funds would be paid in the coming week. The amount is still to be received by
Bushveld. The delay is due to processing delays during the Christmas and new
year holidays. The Company remains engaged in discussions with SPR and SPR has
confirmed that the entire amount of US$12.5 million will be paid this week.

 

The shares due to SPR have been issued as a share certificate and remain in
the Company's possession. The money due is classified as a short-term
receivable on the balance sheet until it has been received.

 

All other funds raised as part of the US$18.4 million equity issue have been
received, other than funds due from Acacia, which, as previously announced,
are due for settlement on or before 28 February 2024.

 

 

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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