Last checked at 25 Mar 2022 09:00
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.
25 March 2022
Bushveld Minerals Limited
("Bushveld Minerals" "Bushveld" or the "Company")
Update on the VRFB Holdings Limited Investment by Mustang Energy Plc ("Mustang")
Bushveld Minerals Limited (AIM: BMN), the AIM-quoted, integrated primary vanadium producer and energy storage solutions provider, with ownership of high-grade assets in South Africa, hereby provides a further update, following the statement on 18 March 2022.
As previously announced, one of the Mustang convertible loan notes ("CLNs") holders, Primorus Investments Plc ("Primorus") elected to exercise its backstop arrangement in relation to its CLNs (nominal value of US$1.5 million plus accrued interest thereon). Bushveld intends to issue a convertible loan note to Primorus as consideration for Primorus's CLNs, with further details to follow.
Mustang has negotiated terms in principle and subject to contract with the holders of the CLNs, to provide for the extension of the Maturity Date of the CLNs to facilitate the proposed readmission of Mustang's shares to trading on the Standard List of the London Stock Exchange. The terms have been documented and relevant documents are currently in the process of being executed by all parties. To allow time for execution to be completed, Bushveld and Mustang have agreed to extend the notice period for Mustang to issue notice to Bushveld in respect of the backstop (as announced on 19 January 2022) until Monday, 28 March 2022.
The Company will provide further updates in due course.
ENDS
Enquiries: info@bushveldminerals.com
Bushveld Minerals Limited | +27 (0) 11 268 6555 | |
Fortune Mojapelo, Chief Executive Officer | ||
Andrew Mari, Investor Relations | ||
SP Angel Corporate Finance LLP | Nominated Adviser & Broker | +44 (0) 20 3470 0470 |
Richard Morrison / Charlie Bouverat | ||
Grant Baker / Richard Parlons | ||
Tavistock | Financial PR | |
Gareth Tredway / Tara Vivian-Neal/ Adam Baynes | +44 (0) 207 920 3150 |
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning 2 of the world's 4 operating primary vanadium processing facilities. In 2020, the Company produced more than 3,600 mtV, representing approximately three per cent of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider. Bushveld Vanadium is targeting to materially grow its vanadium production and achieve an annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a by the end of 2022, from projects currently being implemented. Beyond that, pre-feasibility studies are in progress to determine the optimal path to increase production even further to a steady state production run rate of between 6,400 mtVp.a. and 6,800 mtVp.a. in the medium-term and to a steady state production run rate of 8,400 mtVp.a in the long term.
Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries ("VRFBs").
Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com
ABOUT BUSHVELD ENERGY LIMITED
Bushveld Energy is a leading energy storage solutions provider, focusing on the African market. Bushveld Energy recognises that the requirement for electricity in Africa touches on both the paramount potential for social transformation and an immense commercial opportunity.
Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through application in vanadium redox flow batteries ("VRFB"). Its near-term strategy is to deploy several VRFB systems as part of its longer term vision to become a significant electricity storage provider in Africa, meeting the demand for utility scale energy storage in Africa by leveraging South Africa-mined and beneficiated vanadium. Bushveld Energy's business model embraces a number of activities along the VRFB value chain, including electrolyte manufacturing, investment in VRFB manufacturing, battery deployment and project development.
http://www.bushveldenergy.com
ABOUT MUSTANG ENERGY
Mustang Energy PLC is a Special Purpose Acquisition Company (SPAC), whose shares are listed on the Standard List of the Main Market of the London Stock Exchange, which intends to utilise its strong management experience and strategic relationship with Acacia Resources Limited, the Company's largest shareholder, to acquire interests in energy storage and stationary battery assets.
http://www.mustangplc.com/