(Alliance News) - Bushveld Minerals Ltd on Wednesday said holders of convertible loan notes in Mustang Energy PLC have elected to redeem their notes.
Bushveld is a South Africa-focused iron ore and tin exploration and development company, while Mustang is a London-based special purpose acquisition company focused on energy storage and stationary battery assets.
Following the redemption, Mustang will transfer its 22% interest in VRFB Holdings Ltd, meaning that VRFB will be wholly owned by Bushveld and Acacia Resources Ltd.
The firm said that according to the investment agreement between Mustang and Bushveld, the holders are eligible to redeem the notes if Mustang shares had not been readmitted to trading on the Main Market of the London Stock Exchange by July 31 this year.
The firm said the total value of the notes held is GBP7.2 million, which will convert into 270.4 million new shares in Bushveld at 2.64 pence per share, representing 17% of Bushveld's enlarged capital.
Bushveld shares fell 3.1% to 2.45 pence each on Wednesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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Bushveld Minerals (BMN)
Mustang Energy (MUST)