Last checked at 14 Jul 2023 15:58
Market Abuse Regulation ("MAR") Disclosure
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.
14 July 2023
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Convertible Loan Note Update
Bushveld Minerals Limited (AIM: BMN), the AIM-listed, integrated primary vanadium producer, announces that the Company and Primorus Investments Plc ("Primorus") have agreed in principle to alter the terms of the BMN Convertible Loan Note ("BCLN"), details of which were first announced on 19 January 2022.
As at the Maturity Date, being 14 July 2023, the total principal amount and accrued interest of the outstanding BCLN held by Primorus is approximately £910,000.
Bushveld and Primorus have agreed in principle to vary the terms of repayment such that Bushveld will make the repayment in cash as opposed to shares on the following terms:
· An initial payment of USD$150,000, followed by bi-weekly payments of USD$125,000 to Primorus, with the final payment to be made prior to the 30 November 2023.
· During the repayment period, the outstanding balance shall bear interest at the annual rate of 10%.
Following this agreement, there are no further outstanding BCLNs.
Craig Coltman commented: "We are pleased to have reached an amicable agreement for the repayment of
these convertible loan notes. The revised arrangements mean that the Company will not suffer dilution at these
low levels. I will update the market on the Company's performance and prospects at the forthcoming Q2
operational update."
ENDS
Enquiries: info@bushveldminerals.com
Bushveld Minerals Limited | +27 (0) 11 268 6555 | |
Craig Coltman, 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 |
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Grant Baker / Richard Parlons |
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RBC Capital Markets | Joint Broker | +44 (0) 20 7653 4000 |
Sahil Suleman / Jamil Miah |
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Tavistock | Financial PR | |
Gareth Tredway / Tara Vivian-Neal/ Adam Baynes | +44 (0) 207 920 3150 |
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning 2 of the world's 4 operating primary vanadium processing facilities. In 2022, the Company produced more than 3,800 mtV, representing approximately three per cent of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider. Bushveld Vanadium is targeting to materially grow its vanadium production and achieve an annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a.
Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries ("VRFBs").
Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com