Last checked at 16 Feb 2024 07:08
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.
16 February 2024
Bushveld Minerals Limited
("Bushveld" or the "Company")
Further update on Outstanding Funds
Further to the Company's announcement on 19 January 2024, Bushveld Minerals Limited (AIM: BMN), the primary vanadium producer, is pleased to announce that today it has received an additional ZAR76 million (~US$4 million) from Southern Point Resources ("SPR") which has been provided on an interest free basis and will be repaid once SPR provides Bushveld with the entire US$12.5 million, pursuant to the SPR subscription agreement (the "Subscription Agreement"). The Company has now received a total of ZAR116 million (~US$6 million) from SPR as an interest free loan. SPR has communicated that the full US$12.5 million will be paid no later than 28 February 2024.
As previously mentioned, under the Subscription Agreement, SPR was due to transfer the US$12.5 million from an offshore bank account into Bushveld's UK bank account. However, the payments received to date have been paid into a Bushveld subsidiary's South African bank account from SPR's bank account in South Africa. If the US$6 million received to date were to be used to satisfy SPR's obligation under the Subscription Agreement, approval of the South African Reserve Bank would have been required, which would have resulted in further delays in the flow of funds. Until the entire US$12.5 million is received, SPR remains in default of the Subscription Agreement.
The Company lost 11 and 3 days of production in January at Vanchem and Vametco respectively due to the delayed settlement. Vametco is undergoing a maintenance shutdown and is expected to restart shortly. Vanchem is operating at near full capacity.
The Board continues to monitor the situation closely and is working with its creditors and stakeholders to manage the financial condition of the Company.
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 |
| |
Grant Barker / Richard Parlons |
| |
| ||
Hannam & Partners | Joint Broker | +44 (0) 20 7907 8500 |
Andrew Chubb / Matt Hasson / Jay Ashfield |
| |
| ||
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