Last checked at 15 Jul 2016 16:25
15 July 2016 |
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Bushveld Minerals Ltd
("Bushveld" or the "Company")
Update on Conditional Purchase Agreement with Evraz for Vametco
Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with projects in Africa, today provides an update further to the announcements on 9 May 2016, and 20 June 2016, regarding the acquisition of Strategic Minerals Corporation ("SMC"), which owns the producing Vametco vanadium mine and plant in South Africa. Bushveld and Evraz Group SA, together with its financing partner Yellow Dragon, are finalising working capital and net debt adjustments to the US$17.2m consideration in accordance with the purchase agreement and are also in discussions to amend terms of the purchase agreement. It has as such been agreed to postpone completion of the initial tranche to 22 July 2016 whilst alternative completion arrangements are agreed.
Commenting on this extension, Fortune Mojapelo said "Bushveld and Yellow Dragon remain focused on acquiring the entire 78.8 per cent interest in SMC. The amendment discussions underway and extension to 22 July 2016 allows all efforts to realise this objective."
Enquiries: info@bushveldminerals.com
Bushveld Minerals Fortune Mojapelo
| +27 (0) 11 268 6555 |
Strand Hanson Limited Andrew Emmott/ Ritchie Balmer
| +44 (0) 20 7409 3494 |
Mirabaud Securities LLP Rory Scott
| +44 (0) 20 7878 3360 |
Beaufort Securities Limited Jon Belliss
| +44 (0) 20 7382 8300 |
Tavistock (UK) Jos Simson/ Nuala Gallagher
| +44 (0) 20 7920 3150 |
Lifa Communications (South Africa) Gabriella von Ille
| +27 (0) 711 121 907 |