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.
10 January 2024
Bushveld Minerals Limited
("Bushveld" or the "Company")
Update on Outstanding Funds
Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, announces that it has issued Southern Point Resources ("SPR") with a letter of demand following the late payment of funds under the SPR Subscription Agreement.
As mentioned in the announcement dated 3 January 2024, the Company was provided assurance last week that the US$12.5 million in funds would be paid in the coming week. The amount is still to be received by Bushveld. The delay is due to processing delays during the Christmas and new year holidays. The Company remains engaged in discussions with SPR and SPR has confirmed that the entire amount of US$12.5 million will be paid this week.
The shares due to SPR have been issued as a share certificate and remain in the Company's possession. The money due is classified as a short-term receivable on the balance sheet until it has been received.
All other funds raised as part of the US$18.4 million equity issue have been received, other than funds due from Acacia, which, as previously announced, are due for settlement on or before 28 February 2024.
Enquiries: info@Bushveldminerals.com
| Bushveld Minerals Limited | | +27 (0) 11 268 6555 |
| Craig Coltman, Chief Executive Officer | | |
| Chika Edeh, Head of Investor Relations | | |
| | | |
| SP Angel Corporate Finance LLP | Nominated Adviser & Joint Broker | +44 (0) 20 3470 0470 |
| Richard Morrison / Charlie Bouverat |
| |
| Grant Barker / Richard Parlons |
| |
| |
| |
| Hannam & Partners | Joint Broker | +44 (0) 20 7907 8500 |
| Andrew Chubb / Matt Hasson / Jay Ashfield |
| |
| |
| |
| Tavistock | Financial PR | +44 (0) 207 920 3150 |
| Gareth Tredway / Tara Vivian-Neal / James Whitaker | | |
ENDS
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is a vertically integrated primary vanadium producer, it is one of only three operating primary vanadium producers. In 2022, the Company produced more than 3,800 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.
Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.