Last checked at 8 Jun 2017 08:12
8 June 2017 |
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Full settlement of the Barak Financing
Bushveld Minerals Limited (AIM: BMN), the vanadium producing company with a diversified projects portfolio of tin and coal assets in Southern Africa, today provides the following update on the financing agreements (the "Agreements"), in support of the acquisition by Bushveld Vametco Limited ("BVL") from Evraz Group S.A ("Evraz") of a 78.8% shareholding interest in Strategic Minerals Corporation ("SMC") (the "Acquisition"), with Barak Fund SPC Limited ("Barak") (the "Barak Financing").
BVL is pleased to advise that it has repaid the remaining US$1.0 million principal of the US$11.0 million bridge loan facility (entered into between BVL and Barak) (the "Bridge Loan") to fully settle the total outstanding principal.
As announced on 6 June 2017, BVL agreed with Barak to restructure the Bridge Loan to extend the repayment of all outstanding principal, interest and fees to 30 June 2017. Following the restructuring, BVL repaid the US$8.8 million due by 31 May 2017 and a further amount of US$1.2 million was paid on 2 June 2017. Having today paid the remaining US$1.0 million to fully settle the Bridge Loan, BVL will pay the outstanding fees and interest by 30 June 2017 as previously announced.
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented, "We are delighted to have fully settled the Bridge Loan in such a timely fashion as promised. We have worked well with the Barak team on the Acquisition and are grateful for their support."
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 Limited
Fortune Mojapelo +27 (0) 11 268 6555
Strand Hanson Limited (Nominated Adviser)
Andrew Emmott / Ritchie Balmer +44 (0) 20 7409 3494
Beaufort Securities (Joint broker)
Jon Bellis +44 (0) 20 7382 8300
SP Angel Corporate Finance (Joint broker)
Ewan Leggat +44 (0) 20 3470 0470
Blytheweigh (Public Relations)
Tim Blythe / Camila Horsfall +44 (0) 20 7138 3204
Gabriella von llle +27 (0) 711 121 907
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a diversified AIM listed mineral development company with a portfolio of vanadium, iron ore, tin and coal greenfield assets in Southern Africa and Madagascar. The Company's flagship platform, the vanadium platform, includes the Mokopane Vanadium Project, the Brits Vanadium Project, and the Bushveld Iron Ore & Titanium Project. The tin platform comprises the Mokopane Tin Project whereas the Imaloto Coal Project, which is being developed as one of Madagascar's leading independent power producers, makes up the Company's coal platform.
The Company's vision is to become the largest low cost integrated primary vanadium producer through owned low-cost high-grade assets. This incorporates development and promotion of the role of vanadium in the growing global energy storage market through Bushveld Energy, the Company's energy storage solutions provider. Whilst the demand for vanadium remains largely anchored in a slow growing steel industry, Bushveld Minerals believes there is a strong potential for imminent significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries.
Bushveld Minerals' approach to project development recognises that whilst attractive project economics are imperative, they are insufficient to secure capital to bring them to account. A clear path to production with a visible timeframe, low capex requirements and scalability are important factors in retaining an attractive exit option. 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