Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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25p conversion price quoted within the feature- why include this within the features - expect a rise hopefully!
Like this line from Orion, “ and we also recognise the leading role that the Company has assumed in the supply of crucial raw materials to the vanadium redox flow battery industry”.
Orion put $25m in to HZM last year and there share price has more than trebled since.
Im very happy that the expansion plans are to be accelerated. It also tells me how confident FM is that the extra supply will be needed..
Seems TW#t$ moronic decamping scum go from board to board deramping excellent company's and genuine investors. Ignore the pond life.
And now it becomes all about cracking on with accelerating our plans and what a surprise Munchbox54, no discounted 7p placing.
Explains the silence. Expecting the volume/comms levels to increase significantly now.
Incredibly strong cash position.
What are first impressions of the financing. I assume it means accelerating expansion more quickly to perhaps meet demand for V particular in VRFBs
This will strengthen the balance sheet, but comes at a price to shareholders. At current SP this equates to significant dilution for phase 1.....
a completely comprehensive package of financing for our expansion ahead.
As usual Fortune delivers.
If I’m reading this correctly, it’s a $35m raise for expansion, plus $6.5m for Duferco settlement.
Under a separate investment agreement, Orion has also conditionally agreed to subscribe for a minimum of US$10 million, and a maximum of US$20 million of convertible loan notes under a US$35 million convertible loan notes instrument (the "Instrument"). The Company intends to seek other subscribers for the balance of the total. The Instrument's proceeds will go towards the first phase of Vanchem's critical refurbishment programme and debt repayment.
There's actually quite a lot to read, you may want to read by clicking the link
Orion is delighted to become a cornerstone investor in Bushveld. We have been attracted to the quality and growth profile of Bushveld's portfolio of mining and processing assets for some time, and we also recognise the leading role that the Company has assumed in the supply of crucial raw materials to the vanadium redox flow battery industry. We are looking forward to partnering with Bushveld as it continues on its growth trajectory and supporting the Company as it realises its full potential.
Bushveld enters into US$30 million Production Financing Agreement with Orion Mine Finance
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Announces a Convertible Loan Note Instrument to raise up to a further US$35 million
Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage provider, with ownership of high-grade assets in South Africa, is pleased to announce that it has signed a long-term Production Financing Agreement of US$30 million (or the " PFA ") with mining-focused investment business Orion Mine Finance ("Orion"), primarily to finance its expansion plans at Vametco and debt repayment. Drawdown on the loan is subject to completion of certain conditions precedent as described in this announcement.
Under a separate investment agreement, Orion has also conditionally agreed to subscribe for a minimum of US$10 million, and a maximum of US$20 million of convertible loan notes under a US$35 million convertible loan notes instrument (the "Instrument"). The Company intends to seek other subscribers for the balance of the total. The Instrument's proceeds will go towards the first phase of Vanchem's critical refurbishment programme and debt repayment.
Since both the PFA and the Instrument require the prior written consent of Nedbank Limited ("Nedbank"), the Company and Bushveld Vametco Alloys (Proprietary) Limited ("Vametco Alloys" or the "Borrower") are in discussions with Nedbank on the outstanding term loan and revolving credit facilities, including discussions on the potential pre-payment of the outstanding debt facilities on completion of the PFA. The outstanding balance of the Nedbank facilities is ZAR375 million (circa US$21.9 million), plus accrued interest of US$0.3 million.
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"We are excited to announce the innovative funding agreement with Orion, which puts us on track with our expansion plans at Vametco, and we look forward to further elaborating on these plans and the impact on our business in the coming months.
Importantly, the long-term nature of the PFA and its early repayment options caters for the cyclical nature of the vanadium market and enables Bushveld to take advantage of the long-life, high-grade resources we are proud to own at Vametco, for the benefit of all our stakeholders. The Instrument's proceeds will go towards the first phase of Vanchem's refurbishment programme and debt repayment.
In addition, I am pleased to announce that the previous owner of Vanchem, Duferco Participations Holding S.A., has agreed to accept an early repayment of US$11.5 million of their US$23 million convertible loan notes issued in accordance with the terms of acquisition announced on 23 October 2019. US$6.5 million will be repaid through the issue of new Bushveld shares and US$5 million of the loan notes, plus interest of US$1.15 million will be settled as a cash payment. This puts us in an even stronger financial position with a solid balance sheet