Market
Abuse Regulation (MAR) Disclosure
Certain
information contained in this announcement would have been deemed
inside information for the purposes of Article 7
of
Regulation (EU) No 596/2014 until the release of this
announcement
14 August 2024
Bushveld Minerals
Limited
("Bushveld Minerals"
"Bushveld" or the "Company")
South African Reserve Bank
Approval Granted for Orion US$10m matched funding
Bushveld Minerals Limited (AIM:
BMN), the integrated primary vanadium producer, is pleased to
announce that the South African Reserve Bank ("SARB") has approved
the applicable exchange control
authorisations relating to OMF Fund III (F)
Limited's ("Orion") existing security as a
result of the revised funding arrangement, a condition of the
Senior Loan Facility Agreement ("Agreement") amended and restated,
announced on 28 June 2024.
As per the Agreement,
Orion agreed to match on a dollar-for-dollar basis
the additional funds provided by Southern Point Resources Fund I
S.A. LP ("SPR"), up to a maximum of US$10 million.
The release of additional working
capital from Orion, expected to be received shortly, will provide
support to execute the Vametco turnaround strategy, cover
transaction costs and reduce the Company's creditor
balance.
Craig Coltman, CEO of Bushveld Minerals Limited,
commented:
"I
am pleased to confirm that SARB has approved the additional funding
by Orion of up to US$10 million in matched funding. In addition to
the full working capital facility provided by SPR of US$12 million,
the release of Orion funds in due course will further enhance our
working capital position and allow us to advance our turnaround
strategy at
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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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 / Abigail
Wayne
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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 the world's three primary vanadium
producers, offering compelling exposure to vanadium through its
upstream asset.
Detailed information on the Company
and progress to date can be accessed on the
website www.bushveldminerals.com.