Rainbow Rare Earths CEO George Bennett makes the investment case for #RBW at London South East. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE
David Minchin, Helium One CEO outlines Rukwa Phase 2 at London South East live event
David Minchin, Helium One CEO outlines Rukwa Phase 2 at London South East live eventView Video
Shaun Day, Greatland CEO gave an upbeat presentation to over 800 London South East investors
Shaun Day, Greatland CEO gave an upbeat presentation to over 800 London South East investorsView Video

Latest Share Chat

Pin to quick picksBushveld Minerals Regulatory News (BMN)

Share Price Information for Bushveld Minerals (BMN)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 10.78
Bid: 10.50
Ask: 10.80
Change: -0.22 (-2.00%)
Spread: 0.30 (2.86%)
Open: 10.72
High: 10.78
Low: 10.50
Yest. Close: 11.00
BMN Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

RNS Alerts are a premium feature

Login to your account

myTerminal is a premium feature

Login to your account

Don't have an account? Click here to register.

Circular and Notice of GM

Mon, 9th Nov 2020 07:01

RNS Number : 5905E
Bushveld Minerals Limited
09 November 2020
 

Market Abuse Regulation ("MAR") Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 

9 November 2020

Bushveld Minerals Limited

("Bushveld Minerals", "Bushveld" or the "Company")

Circular and Notice of General Meeting

Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage provider, with ownership of high-grade assets in South Africa, announces that, further to the announcement made today, the Company has published a Circular (the "Circular") in connection with the US$35 million Convertible Loan Note Instrument (the "Instrument") issued to Orion Mine Finance ("Orion").

 

As Orion can now subscribe for the full US$35 million of convertible loan notes under the Instrument at a conversion price of 17 pence for each new ordinary share converted, and as the exchange rate is determined at the time of conversion, the Directors require additional authority to issue up to another 50,000,000 new ordinary shares, in addition to the 115,297,268 new ordinary shares authorised for issue by shareholders on a non pre-emptive basis at the Company's General Meeting, held on the 5 August 2020. The total number of new ordinary shares available for conversion would therefore be 165,297,268, which is equivalent to approximately 14.3 per cent of the Company's current share capital.

 

The Directors have therefore resolved to convene a general meeting of the Company to propose the necessary resolutions to issue the additional shares, to be convened for 10.00 a.m. on 27 November 2020 at Oak House, Hirzel Street, St Peter Port, Guernsey GY1 3RH, notice of which is set out at the end of the Circular.

 

In addition, the Directors are proposing additional resolutions at the General Meeting to refresh ongoing general authorities to issue additional ordinary shares up to 10 per cent of the Company's issued share capital. These are to provide the Company with the flexibility of ongoing authorities to remain in place until the Company's next annual general meeting (expected to be held in June 2021). These additional resolutions are conditional upon the specific resolutions to issue the additional conversion shares being passed.

The Directors consider that the resolutions at the General Meeting are in the best interests of Shareholders as a whole and unanimously recommend that Shareholders vote in favour of them as they intend to do in respect of their own beneficial holdings of 30,231,667 Bushveld shares, representing 2.62 per cent of the existing issued ordinary share capital of the Company.

A copy of the Notice of the Meeting and Circular have been posted, a copy of the documents will also be available for viewing on Bushveld's website at www.bushveldminerals.com

 

 

ENDS

 

Enquiries: info@bushveldminerals.com

Bushveld Minerals Limited

+27 (0) 11 268 6555

Fortune Mojapelo, Chief Executive Officer

Chika Edeh, Head of Investor Relations

SP Angel Corporate Finance LLP

Nominated Adviser & Broker

+44 (0) 20 3470 0470

Richard Morrison / Charlie Bouverat

Abigail Wayne / Richard Parlons

BMO Capital Markets Limited

Joint Broker

+44 (0) 20 7236 1010

Tom Rider / Michael Rechsteiner /

Neil Elliot

Peel Hunt Limited

Joint Broker

+44 (0) 20 7418 8900

Ross Allister / Alexander Allen

Tavistock

Financial PR

Charles Vivian / Gareth Tredway /

Edward Lee

+44 (0) 207 920 3150

 

 

 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low-cost, integrated, primary vanadium producer, with ownership of high-grade vanadium assets. 

 

The Company's flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; 100 per cent of Bushveld Vanchem, a primary vanadium processing facility with a beneficiation plant; the Mokopane Vanadium Project and the Brits Vanadium Project.

 

Bushveld's vision is to become a significant, low-cost, integrated primary vanadium producer through owning high grade assets. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries. Bushveld Energy, the Company's energy storage solutions provider, plays a leading role in the development and promotion of the role of vanadium in this market.

 

The Company's approach to project development recognises that, whilst attractive project economics are imperative, they may be insufficient to secure capital to bring them to account. A clear path to production within a visible timeframe, low capital expenditure requirements and scalability are important factors in ensuring a positive return on investment. This philosophy is core to the Company's strategy in developing projects.

 

Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com.

 

About Vametco

Vametco is located near Brits on the Western Limb of the Bushveld Complex. The integrated operation comprises a vanadium ore mine and a processing plant that produces mostly Nitrovan, a trademark product sold in major steel markets across the world. The mine lies adjacent to the Brits Vanadium Project, which will in future serve as an alternative source of near surface run of mine ("ROM") ore feed to the Vametco plant.

The Vametco mining operation uses open pit bench mining methods to mine a well-defined orebody. The deposit is continuous with limited faulting and dips in a northerly direction at approximately 19 degrees.

ROM ore is fed into a primary, secondary and tertiary crushing circuit, followed by milling and magnetic separation to produce magnetite concentrates. The magnetite concentrates are fed into the extraction process which includes the kiln for roasting followed by leaching and precipitation. Thereafter the precipitated vanadium as ammonium metavanadate is converted to modified vanadium oxide ("MVO") in rotary calciners. MVO is fed into the mix plant and finally into the shaft furnaces to produce Nitrovan. 

About Vanchem

Vanchem is situated at Ferrobank Industrial Park in Emalahleni Local Municipality, Mpumalanga Province in the Republic of South Africa. Vanchem is a primary vanadium producing facility with a beneficiation plant capable of producing various vanadium oxides, ferrovanadium and vanadium chemicals. Vanchem uses the salt roast beneficiation process, similar to the one used at Vametco. The plant comprises: a core salt-roast processing plant, including 3 roasting kilns, an electric smelting ferrovanadium converter, an alumino-thermic smelting facility, also located at Highveld, a vanadium chemical plant; and a rail siding linking the plant with Bushveld deposits and additional potential supply sources through the national rail network.

About Bushveld Energy Limited

Bushveld Energy is a leading energy storage solutions provider, focusing on the African market. Bushveld Energy recognises that electricity in Africa intersects paramount potential for social transformation with an immense commercial opportunity.

Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through application in vanadium redox flow batteries. Its near term strategy is to deploy several VRFB systems as part of its longer term vision to become a significant electricity storage provider in Africa, meeting the demand for utility scale energy storage in Africa by leveraging South Africa-mined and beneficiated vanadium.

http://www.bushveldenergy.com 

 

About Orion

Orion is a global alternative investment management firm with approximately US$6.2 billion under management (as of 3/31/2020). Orion specializes in institutional metals and mining investment strategies in the industrial and precious metals space. Orion's private equity, hedge fund, and merchant service divisions enable us to access in-depth knowledge of the global metals and mining supply chain and robust insight into the physical and financial demand driving global metals prices.

For more information visit www.orionresourcepartners.com.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
NOGBVLLBBFLBFBD
Date   Source Headline
21st Oct 20217:00 amRNSQ3 and 9 months 2021 Operational Update
27th Sep 20217:00 amRNSInterim Results for Six Months ended 30 June 2021
20th Aug 20214:24 pmRNSPDMR Dealing to Satisfy Tax Obligations
11th Aug 20213:59 pmRNSHolding(s) in Company
6th Aug 20212:43 pmRNSIssue of Equity PDMR Dealing & Total Voting Rights

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.