Mustang Energy PLC - London-based special purpose acquisition company focused on energy storage and stationary battery assets - Agrees with Bushveld Minerals Ltd on the sum of backstop fees owed as a result of redemption of the company's convertible loan notes, previously announced. The sum of GBP121,278.75 will be satisfied by the issue of 606,394 shares at GBP0.20 each. Also agrees to pay the USD420,000 working capital facility provided by Bushveld in January 2022 and January 2023. The facility matures on December 31 2023 or if the company completes an equity or debt raising of no less than GBP1 million. Further, continues to negotiate the terms of the acquisition of 100% of the shares in VRFB Holdings Ltd.
Current stock price: suspended at 30.60 pence
By Jeremy Cutler, Alliance News reporter
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Mustang Energy (MUST)