(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.
Shares in the integrated primary vanadium producer closed down 7.0% to 2.33 pence each in London on Wednesday.
At the start of January, Bushveld was issued assurance that the USD12.5 million in funds would be paid in the coming week.
However, Bushveld on Wednesday said the funds have still not received. It noted that the delay is due to "processing delays during the Christmas and new year holidays."
Bushveld said it remains "engaged in discussions with Southern Point Resources and the company has confirmed that the entire amount of USD12.5 million will be paid this week."
By Sophie Rose, Alliance News senior reporter
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Bushveld Minerals (BMN)