Last checked at 21 Oct 2016 12:19
21 October 2016
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Completion of Placing
Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with projects in South Africa and Madagascar, is pleased to announce it has placed 53,571,430 new ordinary shares of 1.0 pence each in the Company ("Ordinary Shares") at a price of 1.4 pence each (the "Placing Shares") raising gross proceeds of £750,000 (the "Placing"). The Placing was co-ordinated by Beaufort Securities Limited.
Beaufort Securities Limited has been issued 5,357,143 broker warrants exercisable at 2.8 pence and with an expiry period of three years from the date of issue.
The net proceeds of the Placing will be used for general working capital purposes while the Company finalises financing for the Vametco transaction, which is expected to be majority funded through debt.
Admission to AIM and Total Voting Rights
Application has been made for admission of the Placing Shares to trading on AIM ("Admission") and it is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on 27 October 2016.
Following Admission, there will be a total of 683,908,870 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 683,238,870 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.
Commenting on the Placing, CEO of Bushveld, Fortune Mojapelo, said
"We are pleased to successfully complete this Placing without the need for a roadshow due to existing demand at this exciting time from both existing and new investors ahead of finalising of the Vametco transaction which we look forward to updating the market on in the coming months."
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
Enquiries: info@bushveldminerals.com
Bushveld Minerals Fortune Mojapelo | +27 (0) 11 268 6555 |
Beaufort Securities Jon Belliss | +44 (0) 20 7382 8300 |
Strand Hanson Andrew Emmott/ Ritchie Balmer | +44 (0) 20 7409 3494 |
Blytheweigh Tim Blythe/ Camilla Horsfall/ Gabriella von Ille | +44 (0) 20 7138 3204 +27 (0) 711 121 907 |
Notes to editors
Bushveld Minerals Limited is a vanadium-focussed mineral development company with a portfolio of primary vanadium projects, tin and coal assets in Southern Africa and Madagascar.
The Group owns the Bushveld Vanadium Project, Mokopane Vanadium Project, Brits Vanadium Project, Bushveld Iron Ore Project and the Mokopane Tin Project, located on the northern limb of the Bushveld Complex, South Africa. Bushveld also owns the Imaloto coal project in Madagascar, acquired in September, 2015, through its takeover of Lemur Resources.
Bushveld was admitted to the AIM of the London Stock Exchange in March 2012.