REG - Bushveld Minerals Ld - Agreement re Settlement of SPR Subscription Funds

Bushveld MineralsAnnouncement

09/08/2024 10:00

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RNS Number : 9146Z  Bushveld Minerals Limited  09 August 2024

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed
inside information for the purposes of Article 7 of Regulation (EU) No
596/2014 until the release of this announcement

 9 August 2024

Bushveld Minerals Limited

("Bushveld Minerals" "Bushveld" or the "Company")

Agreement re: Settlement of SPR Subscription Funds

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium
producer, is pleased to announce that the Company has reached an agreement
with Southern Point Resources Fund I S.A. LP ("SPR") pursuant to which the
US$12.5 million outstanding subscription monies ("Subscription Monies") shall
be deemed satisfied on the basis that the value has been received by the
Bushveld group by way of loans advanced in an aggregate amount of US$12.5
million ("Vanchem Loans"), made to Vanchem by SPR.

The Vanchem Loans will not be repayable for so long as Bushveld owns Vanchem.
In the event that the conditions to completion of the Vanchem Disposal (as
described in Company's circular dated 13 May 2024) are not satisfied, then the
unpaid Subscription Monies shall remain a debt owing to the Company but shall
not be repayable as long as the Vanchem Loans remain outstanding.  These
arrangements do not require South African Reserve Bank ("SARB") approval.

SPR, as a substantial shareholder in the Company (as defined by the AIM Rules
for Companies), is a related party of the Company. Accordingly, the agreement
with SPR, as described above, is being treated as a related party transaction
pursuant to AIM Rule 13. The independent directors for the purposes of the
transaction, being the whole board, having consulted with the Company's
nominated adviser, consider that the terms of the transaction are fair and
reasonable in so far as the Company's shareholders are concerned.

Enquiries :  info@Bushveldminerals.com

 Bushveld Minerals Limited                                                                     +27 (0) 11 268 6555
 Craig Coltman, Chief Executive Officer

 SP Angel Corporate Finance LLP                          Nominated Adviser & Joint Broker      +44 (0) 20 3470 0470
 Richard Morrison / Charlie Bouverat
 Grant Barker / Abigail Wayne

 Hannam & Partners                                       Joint Broker                          +44 (0) 20 7907 8500
 Andrew Chubb / Matt Hasson / Jay Ashfield

 Tavistock                                               Financial PR                          +44 (0) 207 920 3150
 Gareth Tredway / Tara Vivian-Neal / James Whitaker

ENDS

 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a primary vanadium producer. It is one of the world's
three primary vanadium producers, offering compelling exposure to vanadium
through its upstream asset.

Detailed information on the Company and progress to date can be accessed on
the website www.bushveldminerals.com (https://www.bushveldminerals.com/) .

 

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