Announcement by Bushveld Minerals Limited
28/07/2023 07:33
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RNS Number : 5465H Mustang Energy PLC 28 July 2023
28 July 2023
Mustang Energy PLC
("MUST" or the "Company")
Announcement by Bushveld Minerals Limited
Mustang Energy PLC (the "Company"), the special purpose acquisition company,
notes the announcement today by Bushveld Minerals Limited; of which an excerpt
is copied below.
The Company will update shareholders in the next 7 days on subsequent
developments.
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Enerox Update
Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium
producer and energy storage solutions provider, announces that VRFB Holdings
Limited ("VRFB-H") has received notice from Garnet Commerce
Limited ("Garnet") regarding its option in Enerox Holdings Limited ("EHL"),
which wholly owns Enerox GmbH (Enerox).
Transaction details
Garnet has given notice to VRFB-H that it is exercising the option set out in
the RNS dated 12 April 2023(1), to pay to EHL, or directly to its subsidiary,
Enerox, US$3,250,000(2), in return for shares in EHL that will result in
Garnet holding 60% of the issued share capital of Enerox and VRFB-H holding
the remaining 40%.
1. Subject to obtaining approval from the Austrian Minister of Labour
and Economic Affairs under the Austrian Investment Control Act and
notification, if required, to the Austrian competition authorities
2. less the amount of any interim funding provided by Garnet to Enerox
prior to completion of the option
Until completion of the option Garnet will have certain limited rights to
direct the affairs of EHL and Enerox. The parties have also agreed to amend
their existing joint venture agreement in relation to EHL, in particular so
that:
· On the basis that Garnet will own 60% of the issued share capital
of EHL, it shall have the right to appoint a majority of board members to EHL.
· Any further funding required by EHL or Enerox, if not available
from third parties, shall be made by Garnet and VRFB-H pro rata to their
shareholdings, save that if one party is not able or willing to participate in
such funding then it will be diluted accordingly.
Garnet and VRFB-H will procure that EHL and Enerox will continue to deal with
Bushveld Energy Limited ("BEL") whose assets are in the process of being
carved out from Bushveld Minerals Limited ("BMN") and shall agree to terms on
which:
· For six months BEL will retain its rights of first refusal to
supply electrolyte to Enerox projects subject to offering best pricing, after
which BEL will instead be provided with the right to bid on any such projects
and Enerox will not grant a right of first refusal to any other third party;
and
· Enerox will support BEL in completing installation and provide
ongoing contracted support for the Bushveld mini-grid.
ENQUIRIES
For further information, please visit www.mustangplc.com
(http://www.mustangplc.com/) , follow us on Twitter @Mustang_Plc
(https://twitter.com/Mustang_Plc) , or contact:
Mustang Energy PLC
Dean Gallegos, Managing Director
dg@mustangplc.com
+61 416 220 007
This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.
END
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