REG - Bushveld Minerals Ld - SARB Approval for Orion US$10M Matched Funding

Bushveld MineralsAnnouncement

14/08/2024 18:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240814:nRSN4940Aa&default-theme=true

RNS Number : 4940A  Bushveld Minerals Limited  14 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

14 August 2024

Bushveld Minerals Limited

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

South African Reserve Bank Approval Granted for Orion US$10m matched funding

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium
producer, is pleased to announce that the South African Reserve Bank ("SARB")
has approved the applicable exchange control authorisations relating to OMF
Fund III (F) Limited's ("Orion") existing security as a result of the revised
funding arrangement, a condition of the Senior Loan Facility Agreement
("Agreement") amended and restated, announced on 28 June 2024.

As per the Agreement, Orion agreed to match on a dollar-for-dollar basis the
additional funds provided by Southern Point Resources Fund I S.A. LP ("SPR"),
up to a maximum of US$10 million.

The release of additional working capital from Orion, expected to be received
shortly, will provide support to execute the Vametco turnaround strategy,
cover transaction costs and reduce the Company's creditor balance.

 

Craig Coltman, CEO of Bushveld Minerals Limited, commented:

"I am pleased to confirm that SARB has approved the additional funding by
Orion of up to US$10 million in matched funding. In addition to the full
working capital facility provided by SPR of US$12 million, the release of
Orion funds in due course will further enhance our working capital position
and allow us to advance our turnaround strategy at Vametco."

 

Enquiries :  info@Bushveldminerals.com (mailto: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/) .

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCBLGDIGBBDGSS