Bushveld Minerals Limited Further update on Outstanding Funds (7151Z)

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RNS Number : 7151Z

Bushveld Minerals Limited

15 January 2024

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.

15 January 2024

Bushveld Minerals Limited

("Bushveld" or the "Company")

Further update on Outstanding Funds

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, announces that the receipt of the US$12.5 million funds from Southern Point Resources (SPR) under the recent US$18.4 million equity capital raising has not yet occurred.

SPR and its capital providers continue to confirm that the funds will be forthcoming having been impacted by administrative, procedural, and holiday period delays.

Bushveld has, as previously announced, issued a Letter of Demand to SPR for the contractual outstanding funds.

The Management and Board of Bushveld are monitoring the situation closely. However, until the funding is received, and in order to manage working capital and preserve cash reserves, Bushveld has had to constrain production, suspend certain operational activities and defer creditor payments. The Company may have to consider suspending operations if further payment delays occur.

An additional update will be issued in due course when further information is available.

Enquiries : [e-mail]

 
Bushveld Minerals Limited                               [phone] 
Craig Coltman, Chief Executive 
 Officer 
Chika Edeh, Head of Investor 
 Relations 
 
SP Angel Corporate Finance          Nominated Adviser       [phone] 
 LLP                                 & Joint Broker                    0470 
Richard Morrison / Charlie 
 Bouverat 
Grant Barker / Richard Parlons 
 
                                                            [phone] 
Hannam & Partners                   Joint Broker                       8500 
Andrew Chubb / Matt Hasson 
 / Jay Ashfield 
 
                                                            [phone] 
Tavistock                           Financial PR                       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

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January 15, 2024 06:12 ET (11:12 GMT)