Last checked at 14 Mar 2024 09:32
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 March 2024
Bushveld Minerals Limited
("Bushveld" or the "Company")
Further Update on Outstanding Funds
Bushveld Minerals Limited (AIM: BMN), the primary vanadium producer, announces that the Company has received a further ZAR56.3 million (~US$3.0 million) from Southern Point Resources' ("SPR"), as a loan on an interest-free basis. The Company has now been loaned the full amount due of US$12.5 million on an unsecured, non-refundable, interest-free basis by SPR (the "Loan").
The Loan will be settled once either SPR provides Bushveld with the US$12.5 million subscription monies in the United Kingdom, pursuant to the SPR subscription agreement (the "Subscription Agreement"), or through an alternative South African Reserve Bank ("SARB") approved settlement structure. The monies received today have been paid from SPR's bank account in South Africa to Bushveld's bank account in South Africa. Exchange laws in South Africa require SARB approval to remit local funds offshore, being the complicating factor.
The Company remains engaged with SPR whilst SPR completes the formalities to finalise the Subscription Agreement. The subscription monies owed to Bushveld remain classified as a short-term receivable on the balance sheet but are offset by the same amount as a short term payable in a subsidiary until such time as the loan is settled.
Craig Coltman, CEO of Bushveld Minerals commented:
"The receipt of this cash enables the Company to reduce creditor balances whilst we continue to implement the necessary initiatives to improve operational performance at Vanchem and Vametco."
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 & Joint Broker | +44 (0) 20 3470 0470 |
Richard Morrison / Charlie Bouverat |
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Grant Barker / Richard Parlons |
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Hannam & Partners | Joint Broker | +44 (0) 20 7907 8500 |
Andrew Chubb / Matt Hasson / Jay Ashfield |
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Tavistock | Financial PR | +44 (0) 207 920 3150 |
Gareth Tredway / Tara Vivian-Neal / James Whitaker |
ENDS
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a primary vanadium producer, it is one of only three operating primary vanadium producers. Bushveld has a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors.
Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com