REG - Primorus Investments - Further re Investment in Mustang

Primorus InvestmentsAnnouncement

29/03/2022 07:00

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RNS Number : 3132G  Primorus Investments PLC  29 March 2022

Primorus Investments plc

 

("Primorus" or the "Company")

 

Backstop arrangements for the Investment in Mustang Energy PLC

 

Further to the announcements of 19 January and 28 February 2022, Primorus
Investments plc (AIM: PRIM) provides an update in relation to its investment
in Mustang Energy PLC ("MUST").

 

Primorus has been issued with Convertible Loan Notes ("CLNs") in Bushveld
Minerals Limited ("BMN") pursuant to the previously announced Backstop
arrangements and further to BMN's election to issue CLNs. The CLNs are
convertible into ordinary shares in the capital of BMN ("BMN Shares").

 

 

The conversion mechanism for the CLNs was set out in the Company's
announcement of 19 January 2022, and the relevant details to supplement it
are:

·      The principal amount of US$1,500,000 plus accrued and unpaid
interest (as at 25 March) of US$136,849 (total $1,636,849).

·      The above amount has been converted into £GBP at an agreed
exchange rate of 1.3589 USD/GBP which means the CLNs are worth £1,208,988.

·      At the agreed BMN share price of £0.098987 the CLNs (as at 25
March 2022) would equate to 12,213,607 BMN Shares if they were all converted.

·      If Primorus issues a conversion notice, the loan notes will
convert into shares in the capital of BMN.

 

Primorus has noticed the increased price of vanadium in recent weeks and
believes BMN is well placed to capitalise on this.

 

Concurrent with completion of the CLN transaction with BMN, the Company no
longer has an interest in MUST.

 

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.

 

 

 

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

 

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