RE: BMN and IES are perhaps the only 2 vanadium-focused9 Jul 2020 21:50
Thanks for the responses re Enerox, and sharing that link. Very interesting but is that Enerox purchase happening? Doesn't look too clear from the below. But perhaps not a bad thing considering how the "Other Investments" in AfriTin (Ticker: ATM), Invinity Systems (Ticker: IES), Lemur, and Vanchem appear to be valued at zero at present!
"On November 12, 2019, the Company granted the Bushveld Consortium (“Bushveld”) exclusivity until the end of February 2020 to complete due diligence and negotiate definitive acquisition documents. The transaction will, if completed, see the Bushveld acquire the entire issued share capital of Enerox GmbH (“Enerox”) from the Company for a total sum of
€11,000,000, and a working capital financing for Enerox of €1.5 million. The transaction is structured into three parts:
1) Pursuant to the signing of the term sheet, Bushveld will pay the Seller €300,000, which the Seller will in turn contribute to Enerox as a surplus capital contribution for Enerox to fund its short terms working capital requirements. As of June 30, 2020, the transaction has not yet been completed.
2) An initial sale and purchase agreement (the “Initial SPA”), to be signed as soon as reasonably practicable after the signing of the term sheet, whereby Bushveld would purchase 24.90 per cent of the share capital of Enerox (the “Initial Shares”) for a sum of €150,000, and contribute an additional sum of €1.2 million in surplus capital contributions for working capital purposes.
3) A subsequent sale and purchase agreement (the “Main SPA”), subject to a technical, legal and financial due diligence, which will provide for the purchase of the remaining 75.1 per cent of the shares of Enerox for a further consideration of €10.85 million. Up to €2.0 million of this consideration can be paid, at Bushveld’s discretion, in Bushveld Minerals shares. It is intended that the Main SPA and other principal transaction documents will be signed on or before 31 December 2019, with completion to occur as soon as practical thereafter. An additional deferred consideration of €2.5 million payable by Bushveld to the Seller over 30 months comprising €500,000 payable every six months starting in June 2020 (the "Deferred Consideration"). The Seller will ensure that Enerox is debt free at transaction closure."
Sign In
Follow the stocks
