Last checked at 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.
Enquiries: 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 |
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.
The Company was admitted to the AIM Market of the London Stock Exchange in March 2012.