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
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Bushveld Minerals Limited
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+27 (0) 11
268 6555
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Craig Coltman, Chief Executive Officer
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Chika Edeh, Head of Investor
Relations
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SP Angel Corporate Finance
LLP
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Nominated Adviser & Joint
Broker
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+44 (0) 20
3470 0470
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Richard
Morrison / Charlie
Bouverat
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Grant Barker / Richard
Parlons
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Hannam &
Partners
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Joint
Broker
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+44 (0) 20
7907 8500
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Andrew Chubb / Matt
Hasson / Jay Ashfield
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Tavistock
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Financial PR
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+44 (0)
207 920 3150
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Gareth Tredway / Tara
Vivian-Neal / James Whitaker
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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