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.
14 March 2024
Bushveld Minerals
Limited
("Bushveld" or the
"Company")
Further Update on Outstanding
Funds
Bushveld Minerals Limited (AIM:
BMN), the primary vanadium producer, announces that the Company has received a
further ZAR56.3 million (~US$3.0
million) from
Southern Point Resources' ("SPR"), as
a loan on an interest-free basis. The Company has now been
loaned the full amount due of US$12.5 million on an
unsecured, non-refundable, interest-free basis by SPR (the
"Loan").
The Loan will be settled once either
SPR provides Bushveld with the US$12.5 million subscription
monies in the United Kingdom, pursuant to the SPR subscription
agreement (the "Subscription Agreement"), or through an alternative
South African Reserve Bank ("SARB") approved settlement structure.
The monies received today have been paid from SPR's bank account
in South Africa to Bushveld's bank account in South
Africa. Exchange laws in South Africa require SARB approval to
remit local funds offshore, being the complicating
factor.
The Company remains engaged with SPR
whilst SPR completes the formalities to finalise the
Subscription Agreement. The subscription monies owed to Bushveld
remain classified as a short-term receivable on the balance sheet
but are offset by the same amount as a short term payable in a
subsidiary until such time as the loan is settled.
Craig Coltman, CEO of Bushveld
Minerals commented:
"The receipt of this cash
enables the Company to reduce creditor balances whilst we continue
to implement the necessary initiatives to improve operational
performance at Vanchem and Vametco."
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