REG - Primorus Investments - Bushveld Convertible Loan Note Update

Primorus InvestmentsAnnouncement

14/07/2023 16:00

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RNS Number : 1240G  Primorus Investments PLC  14 July 2023

Primorus Investments plc

 

("Primorus" or the "Company")

 

Bushveld Convertible Loan Note Update

 

14 July 2023

 

Further to its announcement of 29 March 2022, Primorus Investments plc (AIM:
PRIM) announces that the Company and Bushveld Minerals Limited ("BMN") have
agreed in principle, subject to contract, to alter the terms of the
convertible loan note ("BCLN") held by the Company in BMN.

 

Details of the BCLN were first announced by the Company on 19 January 2022
which included a maturity date of 14 July 2023 ("Maturity Date"). On 6 April
and 26 April 2022, BMN announced that the Company had exercised its rights
under the BCLN with BMN and converted a total of £411,000 of the BCLN into
4,157,645 new ordinary shares in BMN ("BMN Shares"). The Company disposed of
the BMN Shares for approximately £432,000.

 

As at the Maturity Date, the total principal amount and accrued interest of
the outstanding BCLN is approximately £910,000.

 

Following the lapse of the Maturity Date, BMN and the Company have agreed in
principle, subject to contract, to vary the terms of repayment such that BMN
will make the repayment in cash as opposed to shares on the following terms:

 

·      The outstanding balance shall bear interest at the annual rate of
10%

·      Initial payment of USD$150,000 by BMN, followed by payments of
USD$125,000 to the Company every two weeks, with the final payment to be
received prior to the 30 November 2023.

 

Capitalised terms used in this announcement shall, unless otherwise defined,
have the same meanings as set out in the Company's announcement of 19 January
2023.

 

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors are responsible for the release of
this announcement.

 

 

For further information please contact:

 

 Primorus Investments plc

 Matthew Beardmore, Chief Executive Officer   +44 (0)20 8154 7907

 Nominated Adviser

 Cairn Financial Advisers LLP                 +44 (0) 20 7213 0880

 Sandy Jamieson/James Caithie

 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
Company's ability to execute and implement future plans, and the occurrence of
unexpected events. Actual results achieved may vary from the information
provided herein as a result of numerous known and unknown risks and
uncertainties and other factors.

 

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