Member Info for pb940

Https://www.pv-magazine.com/2024/03/15/evaluating-profitability-of-vanadium-flow-batteries/

Bushveld Minerals Ld - Further Update on Outstanding Funds #BMN @BushveldMin_Ltd https://www.voxmarkets.co.uk/rns/announcement/6ce3d761-366f-45c2-a85b-3db10bfdf904 #voxmarkets undefined

Https://polaris.brighterir.com/public/bushveld_minerals/news/rns/story/w0jzdnx

From 28/12/23 again

Orange Trust increasing their holding over 5%

Hi coffeecups, yeah.

Still surprises me that it takes so long to notify the company, though I did get the notified date wrong, it says the 6/3/24 in the RNS.

Https://www.voxmarkets.co.uk/rns/announcement/7583dcbb-f548-4f4c-840d-9c092e433a1c/

Orion Finance,

Date on which threshold reached 27/12/23,

Notified 06/02/24

O% to 5.4% holding

Further to the Company's announcement on 19 January 2024, Bushveld Minerals Limited (AIM: BMN), the primary vanadium producer, is pleased to announce that today it has received an additional ZAR76 million (~US$4 million) from Southern Point Resources ("SPR") which has been provided on an interest free basis and will be repaid once SPR provides Bushveld with the entire US$12.5 million, pursuant to the SPR subscription agreement (the "Subscription Agreement"). The Company has now received a total of ZAR116 million (~US$6 million) from SPR as an interest free loan. SPR has communicated that the full US$12.5 million will be paid no later than 28 February 2024.

As previously mentioned, under the Subscription Agreement, SPR was due to transfer the US$12.5 million from an offshore bank account into Bushveld's UK bank account. However, the payments received to date have been paid into a Bushveld subsidiary's South African bank account from SPR's bank account in South Africa. If the US$6 million received to date were to be used to satisfy SPR's obligation under the Subscription Agreement, approval of the South African Reserve Bank would have been required, which would have resulted in further delays in the flow of funds. Until the entire US$12.5 million is received, SPR remains in default of the Subscription Agreement.

The Company lost 11 and 3 days of production in January at Vanchem and Vametco respectively due to the delayed settlement. Vametco is undergoing a maintenance shutdown and is expected to restart shortly. Vanchem is operating at near full capacity.

The Board continues to monitor the situation closely and is working with its creditors and stakeholders to manage the financial condition of the Company.

Https://www.voxmarkets.co.uk/rns/announcement/7b84340f-157c-420e-a320-f5d8632ce225/

Rest in Peace pdub. My sincere condolences to his family and friends.

Https://www.asiaone.com/business/i-battery-ceo-feng-yong-bullish-vanadium-batteries-future-japan

Https://www.bushveldminerals.com/wp-content/uploads/2024/02/24-02-05-HP-Note.pdf#new_tab

Https://www.voxmarkets.co.uk/rns/announcement/6f142392-0e1b-4e25-81a6-f4ef6f944dcd/

There's also this from 19/1/24.

https://www.mustangplc.com/announcements/19012024%20Rule%202.4-possible%20offerby%20Mustang%20of%20Cykel%20Replace.pdf

These three RNS on the Mustang website

https://www.mustangplc.com/announcements/02022024%20Form%208%20(OPD)%20Mustang%20Energy%20PLC.pdf

https://www.mustangplc.com/announcements/02022024%20Form%208.3%20-%20Mustang%20Energy%20PLC.pdf

https://www.mustangplc.com/announcements/02022024%20Form%208.3%20-%20Mustang%20Energy%20PLC-2.pdf

bushveld minerals limited (aim: bmn), the integrated primary vanadium producer, is pleased to provide an update on the company's energy operations and assets.

highlights

· sale process initiated for bushveld's stake in cellcube.

· belco construction and commissioning completed, first batch of electrolyte undergoing qualification for compatibility with international customers.

sale of stake in cellcube

the board of bushveld has agreed to commence a formal sale process for its interest in cellcube, the grid scale and micro-grid energy storage battery manufacturer, headquartered in austria (also known as enerox). the sale is in line with the company's plans for simplifying the business and focusing on its core assets.

belco electrolyte facility

commissioning and construction of the belco electrolyte manufacturing plant was completed in august 2023. the initial product has been distributed to international customers for qualification and compatibility prior to issuance of orders with initial feedback expected in december 2023.

update on mustang

as a fulfilment of specific fees owed to bushveld and in repayment of the working capital loan, mustang energy plc ("mustang") declared on november 20, 2023, the issuance of 1,880,366 new ordinary shares to bushveld. following this issue of ordinary shares, bushveld now holds c.15.5% of the mustang issued share capital.

furthermore, as a result of the decision to undertake a broader sale process of bushveld's interest in cellcube, the company will not be signing a revised ************** agreement with mustang as this would provide ongoing exclusivity to mustang.

craig coltman, ceo of bushveld minerals limited, commented:

"following an extensive review and investigation of ways to unlock value, the decision to sell the underlying stake in cellcube is an important step as we work to consolidate our assets and streamline our operations on our cash generative vanadium operating facilities.

we are pleased with the progress we have made with our electrolyte plant, which is undergoing compliance testing with potential international customers. i look forward to updating the market once we have received further feedback."

Https://polaris.brighterir.com/public/bushveld_minerals/news/rns/story/xpo9j3w

The Term Loan may be prepaid in whole or in part at any time. Prepayment is subject to the following early redemption fee schedule based on the outstanding balance at the time of prepayment.

o Prior to 30 June 2024: 4%.

o After 30 June 2024 until 30 June 2025: 3%.

o After 30 June 2025 until 30 June 2026: 2%.

§ Supplemental royalty, on the same terms as the existing Production Financing Agreement (as amended), except for the following:

· Royalty payment rate of 0.264% with a realised price per kgV of less than US$47/kgV.

· Royalty payment rate of 0.216% with a realised price per kgV of greater than US$47/kgV.

· The later of 30 June 2027 and when the Term Loan has been fully repaid, the repayment rate will reduce by 80% and shall be payable for the life of the Vametco operation.

Admission, Settlement and Total Voting Rights

An application has been made to the London Stock Exchange for the additional 479,269 Orion Shares to be admitted to trading on AIM. It is expected that Admission will become effective on or around 6 February 2024.

Following Admission, there will be a total of 2,311,692,407 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 2,311,022,407 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA's Disclosure and Transparency Rules.

Bushveld Minerals Limited (AIM: BMN), the primary vanadium producer, is pleased to announce that, further to the announcements on 5 May and 27 November 2023, it has completed the refinancing of its unsecured convertible loan notes issued to OMF Fund III (F) Ltd. ("Orion") dated 29 September 2020. The Company has refinanced its convertible debt obligations of US$47.1 million (including accrued interest) (the "CLN Balance") as follows:

§ US$4.7 million of the convertible debt obligations capitalised into a subscription for 124,747,016 new ordinary shares. Orion was issued with 124,267,747 shares on 27 December 2023, the remaining balance of 479,269 shares will be issued on or around 6 February 2024.

§ A new convertible loan note of US$14.1 million maturing on 30 June 2028.

§ A term loan of US$28.3 million maturing on 30 June 2026.

§ Supplemental royalty at not more than 0.264% of Bushveld's gross revenues and reducing by 80% at the term loan maturity.

Craig Coltman, CEO of Bushveld Minerals commented:

"I am pleased to announce all conditions set out on the definitive agreement with Orion were met and the refinancing transaction is now completed. We thank Orion for their ongoing support towards the Company."

Key Terms of the Refinancing

§ 10% of the CLN Balance (US$4.7 million) capitalised into a subscription for 124,610,082 shares in Bushveld at 3.00p per share, a 48% premium to the 20-day weighted average share price (as at 24 November 2023).

§ 30% of the CLN Balance (US$14.1 million) to remain as a convertible loan note with the following revised terms ("New CLN"):

· Interest: 12% per annum.

· Conversion price: 3.99p.

· Maturity Date: 30 June 2028.

· Bushveld shall has a one-time right to redeem 50% (in whole and not in part) of the New CLN (principal and interest) on 30 June 2026, subject to the right of Orion to elect instead to covert the amount.

§ 60% of the CLN Balance (US$28.3 million) will be converted into a secured term loan ("Term Loan") on the following terms:

· Interest: 6.0% ("Margin") plus the greater of (I) 3-month Secured Overnight Financing Rate ("SOFR") and (ii) 3.0% per annum.

· Interest payable quarterly in arrears in cash starting from the last business day of the quarter in which the closing of the transaction occurs and on the last business day of each quarter thereafter. In the event that the Company has insufficient cash available to pay interest on its due date, the interest due on that date shall continue to accrue. While there is a continuing default, the Margin will be increased by 3%.

O Principal repayments structured to:

a. 25% of the Term Loan (US$7.1 million) to be repaid by 30 June 2024.

b. 30% of the Term Loan (US$8.5 million) to be repaid by 30 June 2025.

c. 45% of the Term Loan (US$12.7 million) to be repaid by 30 June 2026.

Https://www.voxmarkets.co.uk/rns/announcement/cae99f7d-8e7c-4f7d-829a-0facacb024a6/

As an update to the announcement on 16 November 2023, the Company has now completed its investigation in respect of the Finance Director, Tanya Chikanza's alleged failure to disclose a material conflict of interest. It has been established that Ms Chikanza made an oral disclosure to the previous CEO. Notwithstanding this oral disclosure she accepts that it was not in accordance with the Company's Conflict of Interest Policy and constitutes a breach of the policy. The Company has elected not to pursue the disciplinary process and the parties have agreed that Ms Chikanza's employment will end on 31 January 2024.