23 Jul 2013 07:00

23 July 2013
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Convertible loan note
Bushveld Minerals Limited announces it has today entered into a two year convertible loan note for US$500,000 provided by Mineral Wealth International Limited ("MWI"). MWI currently holds 114,099,932 ordinary shares in the Company (reprenting a holding of 40.18% of the issued share).
Terms of the Convertible loan
The convertible loan will incur interest at 8% per annum, payable semi-annually and any interest unpaid will be accrued semi-annually.
Warrants
Bushveld has granted MWI 850 000 warrants that are exercisable at a strike price of 12p, for a period of two years that will expire on 22 July 2015.
Related Party Transaction
By virtue of their current interests in the Company, MWI is a "related party" of the Company (as defined under the AIM Rules) and accordingly their participation in providing the convertible loan constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.
The Directors, having consulted with the Company's nominated adviser, Fox-Davies, consider that the terms of the convertible loan to be fair and reasonable insofar as Shareholders are concerned.
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Enquiries:Â info@bushveldminerals.com
Bushveld Minerals Fortune Mojapelo | +27 (0) 11 268 6555 |
Fox-Davies Jonathan Evans | +44 (0) 20 3463 5000 |
Tavistock Communications Jessica Fontaine / Jos Simson | +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 focused on the Bushveld Iron Ore Project and the Mokopane Tin Project, both located on the northern limb of the Bushveld Complex, South Africa.
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The Company was admitted to the AIM Market of the London Stock Exchange in March 2012.
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