BMN RNS11 Mar 2022 11:56
https://polaris.brighterir.com/public/bushveld_minerals/news/rns/story/xlgd27r/export
Bushveld Minerals Limited (AIM: BMN), the AIM-quoted, integrated primary vanadium producer and energy storage solutions provider, with
ownership of high-grade assets in South Africa, hereby provides a further update, following the statement on07 March 2022 regarding the
extension of the period for Mustang to issue notice in respect of its election to exercise the backstop ("Notice Date").
Mustang and Bushveld have agreed to a further extension of the Notice Date to close of business on Thursday1, 7 March 2022.
As previously announced on 19 January 2022, one of the Mustang convertible loan notes ("CLNs") holders, Primorus Investment
Plc ("Primorus"), elected to sell US$1.0 million of its CLNs to other CLN noteholders. In addition, Primorus accepted an option, granted by
Bushveld, to sell its residual CLNs (face value of US$1.5 million) to Bushveld, in consideration for either cash or the issuance of
new Bushveld convertible loan notes, at the discretion of Bushveld. Primorus has now elected to exercise its option and further information
will follow in due course.