Bushveld Minerals Limited Results of General Meeting (9634Z)

TIDMBMN

RNS Number : 9634Z

Bushveld Minerals Limited

20 December 2017

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.

20 December 2017

Bushveld Minerals Limited

("Bushveld" or the "Company")

Results of General Meeting

Bushveld Minerals Limited (AIM: BMN), a mineral project development company with a portfolio of vanadium and coal assets in Southern Africa and a minority investment in tin, is pleased to announce that the proposed resolutions, put to shareholders at the General Meeting were duly passed, including the resolution to approve the acquisition of 55 per cent of the Issued Share Capital of Bushveld Vametco. The final proxy position for each resolution is detailed in the table below.

 
            Resolutions                 Votes       Votes     Total votes 
                                         for        against       cast 
----------------------------------  ------------  ---------  ------------ 
      1. To approve the 
       Acquisition                   284,582,939      0       284,582,939 
----------------------------------  ------------  ---------  ------------ 
      2. Directors be authorised 
       to issue up to 287,793,087 
       shares                        284,582,939      0       284,582,939 
----------------------------------  ------------  ---------  ------------ 
 Special Resolution 
----------------------------------  ------------  ---------  ------------ 
      3. To dis-apply pre-emption 
       rights in respect 
       of 100,000,000 shares         284,582,939      0       284,582,939 
----------------------------------  ------------  ---------  ------------ 
 

Total voting rights

Application has been made to the London Stock Exchange for the Consideration Shares to be admitted to trading on AIM and this is expected to become effective at 8.00 a.m. on Thursday 21 December 2017 ("Admission"). On Admission, the Company's issued share capital will consist of 875,894,905 ordinary shares of 1 pence each ("Ordinary Shares"), of which 670,000 Ordinary Shares are held in treasury as at the date of this announcement.

The total of 875,224,905 Ordinary Shares may therefore be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Enquiries: [e-mail]

 
Bushveld Minerals             [phone] 
Fortune Mojapelo, Chief 
 Executive Officer 
 
SP Angel Corporate Finance 
 LLP                         [phone] 
Nominated Adviser & Broker 
Ewan Leggat 
 
Blytheweigh 
Financial PR 
Tim Blythe / Nick Elwes      [phone] 
Gabriella von Ille            [phone] 
 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is an AIM listed mineral project development company with a portfolio of vanadium and coal assets in Southern Africa and a minority investment in tin.

The Company's flagship vanadium platform includes a 59.1% controlling interest in Bushveld Vametco Alloys (Pty) Ltd primary vanadium mining and processing company; the Mokopane Vanadium Project and the Brits Vanadium Project. The coal platform comprises the wholly-owned Imaloto Coal Project, which is being developed as one of Madagascar's leading independent power producers. The Company's tin interests are held through its shareholding in AIM listed AfriTin Mining Limited.

Bushveld's vision is to become a significant, low cost, integrated primary vanadium producer through owned high grade assets. This incorporates development and promotion of the role of vanadium in the growing global energy storage market through Bushveld Energy, the Company's energy storage solutions provider. Whilst the demand for vanadium remains largely anchored in the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries.

The Company's approach to project development recognises that, whilst attractive project economics are imperative, they are insufficient to secure capital to bring them to account. A clear path to production within a visible timeframe, low capital expenditure requirements and scalability are important factors in ensuring a positive return on investment. This philosophy is core to the Company's strategy in developing projects.

Detailed information on the Company and progress to date can be accessed on the website: www.bushveldminerals.com

This information is provided by RNS

The company news service from the London Stock Exchange

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December 20, 2017 08:45 ET (13:45 GMT)