Last checked at 8 Nov 2012 11:13
8 November 2012 | For Immediate Release |
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Strategic Investment
Bushveld Minerals Limited, (AIM: BMN), a mineral development company focused on iron and tin projects in southern Africa, announces that it has acquired 5.15 million shares ("the Acquisition") in ASX listed Lemur Resources Limited ("Lemur") for a consideration of A$591,735 (£386,053), at an average price of A$0.115 per share for an interest in 2.67 percent.
Lemur Resources
Lemur Resources is a coal project development company listed on the ASX. Lemur is developing the Imaloto coal project in Madagascar and is seeking other coal opportunities globally. Lemur recently reported cash balance of A$19.14 million as at 30 September 2012 and had a market capitalisation, as at 7 November 2012, of approximately A$22 million.
Related Party Transaction
Anthony Viljoen and Fortune Mojapelo, are directors of both Bushveld and Lemur. This transaction constitutes a related party transaction pursuant to AIM Rule 13. The directors of the Company (other than Anthony Viljoen and Fortune Mojapelo) consider, having consulted with Fox Davies, the Company's nominated adviser that the Acquisition is fair and reasonable insofar as its shareholders are concerned.
Fortune Mojapelo, Chief Executive Officer said: "This acquisition, made at an attractive entry price, is the beginning of a relationship between Lemur and Bushveld which we are keen to build on with further collaborations. The company (Bushveld) has sufficient cash to continue developing its own projects and remains focussed and confident of meeting its project obligations."
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 |
This information is provided by RNS
The company news service from the London Stock Exchange
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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 Bushveld Iron Ore Project comprises two licenses covering 7,409 ha where a JORC compliant open-castable resource of 633 million tonnes (comprising 260 million tonnes Indicated and a further 373 million tonnes Inferred) has been established from a 4.5 km strike length. Further drilling along strike is expected to significantly add to the resource on the basis of identified strike extensions several kilometres long to the north and south of the project area with a target resource planned in excess of 1 billion tonnes. A scoping study on the project is underway for completion in Q1 2013.
The Mokopane Tin Project consists of one licence covering 13,422 ha of open-castable disseminated tin resource. The Company has explored one target and plans to drill a further four targets. The Company has established a JORC resource in excess of 5,000 tonnes of tin and is looking to expand the resource base by undertaking a drilling programme on the other three targets in the licence area and one target in a licence area currently under application. In the longer term, the Company intends to expand the resource base by acquiring further projects.
The Company was admitted to the Alternative Investment Market of the LSE in March 2012.