REG - Mustang Energy PLC - VRFB-H Investment - Extension of Notice Period

Mustang EnergyAnnouncement

18/03/2022 08:45

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RNS Number : 2669F  Mustang Energy PLC  18 March 2022

Friday 18 March, 2022

 

Mustang Energy PLC

VRFB-H Investment - Extension of Notice Period

 

Mustang Energy PLC ("Mustang" or the "Company"), the special purpose
acquisition company, provides the following update on its investment in VRFB
Holdings Limited ("VRFB-H"), further to the announcement on 8 March regarding
VRFB-H successfully defending High Court proceedings brought against it.

The Company has negotiated terms, in principle and subject to contract, with
the holders of US$8,000,000 Convertible Loan Notes ("CLNs") to provide for the
extension of the Maturity Date of the CLNs to facilitate the proposed
readmission of the Company's shares to trading on the Standard List of the
London Stock Exchange.

The terms are being documented and to allow sufficient time for the documents
to be prepared, Bushveld Minerals Limited ("Bushveld") and Mustang have agreed
to extend the notice period for Mustang to issue notice to Bushveld in respect
of the backstop (as announced on 19 January 2022) until close of business on
Wednesday, 23 March 2022.

The Company has been notified by Primorus Investments Plc ("Primorus") that it
will effect the backstop in respect of its CLNs with a nominal value of US$1.5
million (and accrued and unpaid interest thereon) (the "Primorus CLNs"), which
Mustang has in turn notified to Bushveld. It is the Company's understanding
that negotiations are ongoing between Bushveld and Primorus given the
redemption or conversion mechanics of the Primorus CLNs (the relevant details
of which were set out in Bushveld's announcement on 19 January).

The Company will provide further updates in due course.

 

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 (mailto:dg@mustangplc.com)

 +61 416 220 007

 

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