REG - Mustang Energy PLC - VRFB-H Investment Update – Clarification

Mustang EnergyAnnouncement

19/01/2022 13:55

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RNS Number : 9909Y  Mustang Energy PLC  19 January 2022

Wednesday 19 January, 2022

 

Mustang Energy PLC

VRFB-H Investment Update - Clarification

 

Mustang Energy PLC (the "Company"), the special purpose acquisition company,
provides the following clarification to the update released earlier today.

The Company advised that Primorus Investments Plc ("Primorus") had elected to
sell all its Convertible Loan Notes ("CLNs"), comprising a principal amount of
US$2,500,000 and accrued and unpaid interest thereon (the "PRIM CLNs").  The
following is a more accurate description of that transaction.

Primorus has elected to sell US$1.0 million of its CLNs, together with accrued
and unpaid interest thereon, to certain other existing CLN noteholders.  On
28 February 2022, Primorus has the option (the "Primorus Option"), at its sole
discretion, to: (i) convert the outstanding PRIM CLNs into new shares in the
capital of the Company; or (ii) transfer the outstanding PRIM CLNs (plus
accrued interest thereon) to Bushveld Minerals Limited ("Bushveld") and, at
Bushveld's sole discretion, Bushveld shall either repay the PRIM CLNs (plus
accrued interest thereon) to Primorus or enter into a convertible loan note
(details of which are contained in Primorus's announcement of today's date).
If Primorus elects to transfer the outstanding PRIM CLNs to Bushveld, it will
also transfer to Bushveld the balance of its warrants to subscribe for new
ordinary shares in the Company.

Until the Primorus Option is exercised, Primorus will continue to hold PRIM
CLNs of a principal amount of US$1.5 million.

 

 

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

 

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