Bushveld Minerals Ltd - South Africa-focused vanadium producer and energy storage solutions provider - Enters conditional agreement to acquire the remaining 26% minority interest in Bushveld Vametco Holdings Proprietary Ltd, currently owned by a black economic empowerment consortium, in exchange for the issue of 232.8 million shares or 13% of its enlarged share capital. Transaction will grant Bushveld 100% ownership of the Vametco mine and vanadium plant, and complete control over its cash flows. Says 70% of consideration shares will be subject to a six-month lock-in period. Consideration also includes Bushveld paying ZAR18 million in cash to one of the BEE consortium vendors.
Current stock price: 1.35 pence, down 3.6% on Monday afternoon
12-month change: down 72%
By Emma Curzon, Alliance News reporter
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Bushveld Minerals (BMN)