Mustang Energy PLC Investment in VRFB Holdings Limited -- Update (8336I)
09 Août 2023 - 2:24PM
UK Regulatory
TIDMMUST
RNS Number : 8336I
Mustang Energy PLC
09 August 2023
For immediate release
9 August 2023
Mustang Energy PLC
("MUST" or the "Company")
Investment in VRFB Holdings Limited ("VRFB-H") - Update
Mustang Energy PLC (the "Company"), the special purpose
acquisition company, advises that pursuant to the Investment
Agreement between the Company and Bushveld Minerals Limited ("BMN")
dated 26 April 2021 (as amended) i f the Company's shares had not
been readmitted to trading on the London Stock Exchange's Main
Market for listed securities ("Readmission") by 31 July 2023, the
holders of the Company's convertible loan notes ("CLN") will be
able to effect the backstop arrangements previously agreed between
the Company and BMN.
The backstop arrangements would result in the issuance to each
CLN holder of such number of new ordinary shares in Bushveld at a
price equal to the 20-day volume weighted average price of a new
Bushveld ordinary share prior to the date of issue as is equivalent
to the principal amount together with all accrued and unpaid
interest thereon.
On completion of the redemption process described above Mustang
will transfer its 22.1% interest in VRFB-H and novate its rights
under the USD$2.0 million loan made to Enerox GmbH to BMN. On
completion of the Company transferring its interest, VRFB-H will be
wholly owned by BMN and Acacia Resources Limited ("Acacia"). Acacia
is also the Company's largest shareholder with a 24.1%
interest.
It is intended that payment of the backstop fee will be deferred
until Readmission takes place and will be settled in Mustang shares
at an issue price of 20 pence per share.
The Company has entered into negotiations with the shareholders
of VRFB-H, being BMN and Acacia, in respect to renegotiating the
terms under which the Company would acquire their interests in
VRFB-H. Based on a successful conclusion of those negotiations it
is the intention of the Company to proceed to Readmission based on
this acquisition.
Further updates will be provided when definitive and binding
agreements are executed.
ENQUIRIES
For further information, please visit www.mustangplc.com ,
follow us on Twitter @Mustang_Plc , or contact:
Mustang Energy PLC
Dean Gallegos, Managing Director
dg@mustangplc.com
+61 416 220 007
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
END
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END
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(END) Dow Jones Newswires
August 09, 2023 08:24 ET (12:24 GMT)
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