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BMN.GB Bushveld Minerals Limited

1.45
0.05 (3.57%)
28 Mar 2024 - Closed
Realtime Data
Share Name Share Symbol Market Type Share ISIN Share Description
Bushveld Minerals Limited AQSE:BMN.GB Aquis Stock Exchange Ordinary Share GG00B4TM3943
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.05 3.57% 1.45 1.20 1.70 1.45 1.40 1.40 0.00 13:54:04
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Bushveld Minerals Limited Completion of Placing (0818I)

25/08/2016 7:02am

UK Regulatory


Bushveld Minerals (AQSE:BMN.GB)
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RNS Number : 0818I

Bushveld Minerals Limited

25 August 2016

 
 25 August 2016 
 

Bushveld Minerals Ltd

("Bushveld" or the "Company")

Completion of Placing

Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with projects in South Africa and Madagascar, is pleased to announce it has placed 38,666,668 new ordinary shares of 1.0 pence each in the Company ("Ordinary Shares") at a price of 1.5 pence each (the "Placing Shares") raising gross proceeds of GBP580,000 (the "Placing"). The Placing was co-ordinated by Beaufort Securities Limited.

Participants in the Placing have also been issued with warrants ("Warrants") on the basis of one Warrant for every two Placing Shares subscribed for in the Placing. The Warrants have an exercise price of 2.4 pence and an expiry period of two years from the date of issue. In addition, Beaufort Securities Limited has been issued 3,866,667 broker warrants exercisable at 1.5 pence and with an expiry period of five years from the date of issue.

The net proceeds of the Placing will be used for general working capital purposes; continuing costs associated with the Vametco transaction; ongoing work in respect of Bushveld Energy's Cooperation Agreement with the IDC and continuing work on Lemur Resources IPP project in Madagascar.

The Company also advises on the progress with respect to the acquisition, together with Yellow Dragon Holdings Limited ("YDH"), of a 78.8% interest in Strategic Minerals Cooperation ("SMC"). The Company is currently engaged with efforts to fulfill the conditions precedent of the transaction, including the securing of relevant regulatory approvals. Furthermore, the Company notes the recently announced disposal by YDH of the Ordinary Shares it held in Bushveld. The Company sees no reason in this disposal to cause concern in respect of the interest and capacity of both YDH and Bushveld to complete the SMC acquisition.

Admission to AIM and Total Voting Rights

Application has been made for admission of the Placing Shares to trading on AIM ("Admission") and it is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on 31 August 2016.

Following Admission, there will be a total of 630,337,440 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 629,667,440 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA's Disclosure and Transparency Rules.

Commenting on the Placing, CEO of Bushveld, Fortune Mojapelo, said

"I am pleased with the successful Placing, which comes in handy at an important time for the Company. We have, as a company been careful in limiting the number of placings the Company undertakes and have thus made significant strides with limited dilution for our shareholders. The Placing will help us maintain our focus on the financing of the acquisition of SMC, which is set to transform us into a significant low cost integrated vanadium company."

Enquiries: info@bushveldminerals.com

 
Bushveld Minerals       +27 (0) 11 
 Fortune Mojapelo        268 6555 
Strand Hanson Limited 
 Andrew Emmott /        +44 (0) 20 
 Ritchie Balmer          7409 3494 
Mirabaud Securities 
 LLP                    +44 (0) 20 
 Rory Scott              7878 3360 
Beaufort Securities 
 Limited                +44 (0) 20 
 Jon Belliss             7382 8300 
Tavistock (UK)          +44 (0) 20 
 Jos Simson              7920 3150 
Blytheweigh              +27 (0) 
 Gabriella von Ille       711 121 907 
 

Notes to the editor

Bushveld Minerals Limited is a mineral development company with a portfolio of vanadium-and titanium bearing iron ore, tin and coal assets in Southern Africa and Madagascar.

The Group owns the Bushveld Vanadium Project, Mokopane Vanadium Project, Bushveld Iron Ore Project and Mokopane Tin Project, located on the northern limb of the Bushveld Complex, South Africa. Bushveld also owns the Imaloto coal project in Madagascar, acquired in September, 2015, through its takeover of Lemur Resources.

Bushveld was admitted to the AIM of the London Stock Exchange in March 2012.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IOEUSUARNSAWUUR

(END) Dow Jones Newswires

August 25, 2016 02:02 ET (06:02 GMT)

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