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Pin to quick picksBushveld Minerals Share News (BMN)

Share Price Information for Bushveld Minerals (BMN)

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Share Price: 1.25
Bid: 1.20
Ask: 1.30
Change: 0.05 (4.17%)
Spread: 0.10 (8.333%)
Open: 1.20
High: 1.25
Low: 1.175
Prev. Close: 1.20
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UPDATE: Obtala Resources To Buy More Land, Cuts Bushveld Stake

Mon, 14th Oct 2013 08:21

LONDON (Alliance News) - Obtala Resources Ltd Monday said it had signed a binding deal for an additional 1,534 acres of agricultural land in Tanzania ideally suited for fruit trees, including some already planted with mango trees, as it started selling down its stake in Bushveld Minerals.

It said 120 hectares of the land is already cleared, and there are 1,500 fruit-bearing Mango trees already planted. It will start by planting 50,000 new trees on a further 200 hectares, and expects initial production of five to seven tonnes a hectare, rising to 10 to 15 tonnes as the trees mature.

The agreement is a heads of agreement, which comes just before a formal deal is signed. It is with a private, unrelated, Tanzanian company, which will keep a 20% stake in a new operating company the two will form.

Obtala said it has also decided to cut its stake in Bushveld Minerals Ltd due to the decline in that company's share price, a lack of recent transparency at the company, and due to Obtala's understanding of the timing and progress from Endulwini's discussions with its funding partner.

Obtala, which is Bushveld's second-largest shareholder, didn't say how much of its 35.36% holding it will sell. However, a document filed with the London Stock Exchange showed its holding had dropped to 8.52%.

Obtala Resources shares were up 3.2% at 8.9 pence Monday morning. Bushveld shares were up 10.3% at 4 pence.

By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1

Copyright 2013 Alliance News Limited. All Rights Reserved.

More News
14 Mar 2024 15:30

IN BRIEF: Bushveld receives USD3.0 million loan from Southern Point

Bushveld Minerals Ltd - vanadium producer operating the Vanchem and Vametco processing facilities in South Africa - Receives a further ZAR56.3 million, around USD3.0 million, from Southern Point Resources Ltd as an interest-free loan. This brings the total paid to Bushveld by the South Africa-focused investment fund to USD12.5 million.

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29 Feb 2024 18:52

EARNINGS AND TRADING: Frontier IP sells last of Exscientia holding

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

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16 Feb 2024 10:57

IN BRIEF: Bushveld up after receiving delayed Southern Point payment

Bushveld Minerals Ltd - Vanadium producer operating in South Africa - Receives an additional ZAR76 million, around GBP3.2 million, from Southern Point Resources Ltd, a London-based investment fund. The payment is part of a subscription agreed between the pair in December for GBP9.9 million, which Southern Point was due to transfer to Bushveld's UK bank account. Payments received to date have been sent to a Bushveld subsidiary's bank account, which the company says would result in further funding delays if these were used to satisfy Southern Points obligations under the subscription agreement. Bushveld adds that it lost 11 and 3 days of production in January at its Vanchem and Vametco projects, respectively, as a result of the delayed settlement.

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5 Feb 2024 10:10

Bushveld Minerals suspends guidance, production dips but sales rise

(Alliance News) - Bushveld Minerals Ltd on Monday reported a surge in annual sales despite production falling, but said it has suspended full-year guidance until it receives funds from Southern Point Resources Ltd.

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1 Feb 2024 12:22

LONDON MARKET MIDDAY: BoE keeps bank rate on hold in split decision

(Alliance News) - London's FTSE 100 was on the up on Thursday afternoon after the Bank of England left interest rates on hold on Thursday, in a split decision.

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1 Feb 2024 11:44

IN BRIEF: Bushveld shares soar as refinances loan with OMF Fund

Bushveld Minerals Ltd - integrated primary vanadium producer - Completes the refinancing of its unsecured convertible loan notes issued to OMF Fund III (F) Ltd, which was dated September 29, 2020. It says it has refinanced its convertible debt obligations of USD47.1 million. Back in November, the firm entered an agreement to refinance its existing convertible loan notes with Orion Mine Finance. It extended the maturity date for existing convertible loan notes to January 31, 2024 (from December 21, 2023) and refinanced the convertible debt obligations of around USD46.9 million. This included a new convertible loan note of around USD14.1 million and a term loan of around USD28.1 million. Chief Executive Craig Coltman says: "I am pleased to announce all conditions set out on the definitive agreement with Orion were met and the refinancing transaction is now completed. We thank Orion for their ongoing support towards the company."

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1 Feb 2024 10:31

AIM WINNERS & LOSERS: Bushveld jumps as refinances loan with OMF Fund

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Thursday.

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29 Jan 2024 17:40

IN BRIEF: Bushveld Minerals finance director resigns after probe

Bushveld Minerals Ltd - integrated primary vanadium producer - Finance Director Tanya Chikanza resigns after investigation into Chikanza's alleged failure to disclose a material conflict of interest. Says it has been established that Chikanza made an oral disclosure to the previous CEO, which she accepts breached the company's conflict of interest policy. She will leave the company on Wednesday.

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19 Jan 2024 20:55

IN BRIEF: Bushveld still awaiting full Southern Point settlement

Bushveld Minerals Ltd - integrated primary vanadium producer - Receives payment of ZAR40 million, or approximately USD2 million, from Southern Point Resources of USD12.5 million due as part of Bushveld's USD18.4 million equity capital raising. Southern Point remains in default of the agreement until Bushveld receives the entire USD12.5 million. Says Southern Point previously claimed late transfer was caused by processing delays, but more recently said delay was due to an institutional funding partner defaulting on its agreement to provide funds. Southern Point says it will provide the funds no later than February 28.

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15 Jan 2024 12:03

IN BRIEF: Bushveld Minerals warns of suspension if receives no funds

Bushveld Minerals Ltd - integrated primary vanadium producer - Says it has not yet received USD12.5 million in funds from Southern Point Resources under its USD18.4 million equity capital raising. Company says it has had to constrain production, suspend some operational activities and defer creditor payments. Further, it warns that it may have to consider suspending operations if further payment delays occur.

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10 Jan 2024 17:40

Bushveld Minerals shares fall as yet to receive SPR funds

(Alliance News) - Bushveld Minerals Ltd on Wednesday said it has issued a letter of demand following the late payment of funds under the Southern Point Resources under its subscription in the recent equity issue.

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3 Jan 2024 21:30

IN BRIEF: Bushveld Minerals yet to receive subscription payment

Bushveld Minerals Ltd - integrated primary vanadium producer - Says it has yet to receive payment from Southern Point Resources under its subscription in the recent equity issue. Notes that while it is "confident" that the USD12.5 million in funds will be received in the coming week, and has been assured as such by Southern Point, it is "obliged to inform the market of the current state of affairs". Adds that shares due to SPR have been issued as a share certificate and remain in the company's possession. The money due is classified as a short-term receivable on the balance sheet until it has been received.

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19 Dec 2023 13:35

Busheld Minerals granted SARB approval for 100% ownership of Vametco

(Alliance News) - Bushveld Minerals Ltd on Tuesday said it had received approval for the acquisition of minority interests in the Vametco vanadium mine and production facility.

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15 Dec 2023 11:59

LONDON MARKET MIDDAY: FTSE 100 hurt by "mixed bag" of PMI data

(Alliance News) - The FTSE 100 in London was down at midday Friday, seeing Thursday's rally from hopes of interest rate cuts in the US coming to an end.

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15 Dec 2023 10:58

Bushveld Minerals inks deal with Southern Point Resources

(Alliance News) - Bushveld Minerals Ltd saw its shares rise on Friday, after entering into a definitive agreement with Southern Point Resources Ltd.

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