Last checked at 21 Aug 2014 13:32
21 August 2014
Bushveld Minerals Limited
("Bushveld" or the "Company")
Acquisition of further interest in Lemur Resources Limited
Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with projects in Africa, is pleased to announce it has agreed to acquire a further 10,000,000 shares in Lemur Resources Limited ("Lemur") (ASX: LMR) from certain persons, including the Azure Resources Fund (the "Vendors"), pursuant to agreements dated today's date (the "Agreements"). This takes the Company's total interest in Lemur to 114,697,097 ordinary shares representing 57.21% of the issued share capital of Lemur (previously 52.22%).
In consideration for the purchase, Bushveld will issue 8,000,000 new ordinary shares ("Consideration Shares"), in aggregate, to the Vendors. Application for admission to trading on AIM of the Consideration Shares is being made and is expected to become effective at 8.00am on 29 August 2014 ("Admission").
Following Admission, there will be a total of 463,004,104 ordinary Bushveld shares in issue. For the purposes of calculating Total Voting Rights, shareholders may use this number as the total number of shares in issue from the date of Admission.
Bushveld Minerals CEO, Fortune Mojapelo, said:
"We are pleased that with this acquisition Bushveld is strengthening its majority interest in Lemur Resources to 57.21%, further aligning the interests of Lemur and the Company as we continue to build the Bushveld Minerals Group's diversified portfolio of commodity-focused platforms."
Agreement terms
Under the terms of the Agreements, if within six months of the date of the Agreements, Bushveld announces or makes, a takeover offer, scheme of arrangement or other proposal (a "Bid"), which, if it were to complete, would mean that the Company would acquire additional shares in Lemur, and the Company does acquire additional shares in Lemur pursuant to such Bid, the Company may be required to pay additional consideration to the Vendors. In such an event, the amount of additional consideration is to be an amount equal to the amount (if any) by which the value the Vendors would have received if they had sold their shares pursuant to the relevant Bid, exceeds the value of the Consideration Shares at the time of the Bid. Any additional consideration due to the Vendors is to be satisfied in the same form as under the relevant Bid and, therefore, if the consideration payable pursuant to the Bid is to be satisfied, in whole or in part, by the issue of shares in the Company, the Company could be required to issue further shares in Bushveld to the Vendors in order to satisfy the additional consideration.
Contact
For further information on Bushveld please visit http://www.bushveldminerals.com or contact:
Bushveld Minerals Fortune Mojapelo | +27 (0) 11 268 6555 |
Strand Hanson Limited Andrew Emmott / James Harris Warren Pearce / Scott McGregor |
+44 (0) 20 7409 3494 +27 (0) 87 828 0407 |
Fox Davies Jonathan Evans | +44 (0) 20 3463 5000 |
RFC Ambrian Jonathan Williams | +44 (0) 20 3440 6800 |
Tavistock Communications Jos Simson/ Nuala Gallagher | +44 (0) 20 7920 3150 |
Tielle Communications Stéphanie Leclercq | +27 (0) 83 307 7587 |
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Notes to the editor
Bushveld Minerals Limited is a mineral development company with a portfolio of vanadium-and titanium bearing iron ore and tin assets in Southern Africa. The Company owns the Bushveld Iron Ore Project and Mokopane Tin Project, both located on the northern limb of the Bushveld Complex, South Africa. In addition, Bushveld has a controlling 57.21% interest in Lemur Resources (ASX: LMR), that owns the Imaloto coal project in Madagascar.
Bushveld was admitted to the AIM Market of the London Stock Exchange in March 2012.