Bushveld Minerals Limited Result of General Meeting (9660X)

TIDMBMN

RNS Number : 9660X

Bushveld Minerals Limited

27 December 2023

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.

27 December 2023

Bushveld Minerals Limited

("Bushveld" or the "Company")

General Meeting Results

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to announce that all ordinary and special resolutions put to shareholders at the General Meeting held earlier today were duly passed.

 
 No.            Ordinary Resolution                            Votes 
                                                In Favour     Against      Withheld 
                                               ------------  -----------  ---------- 
       To grant the Directors the 
        authority to issue the New 
        Shares, the BEE Consortium 
        Pre-emption Shares and the 
        SPR Option Shares and the maximum 
        number of Orion Conversion 
        Shares that may be issuable 
        on an Orion Conversion in accordance 
        with Article 8.3 of the Articles 
 1      ("Resolution 1" of the circular)        779,492,174   11,854,933   927,811 
      ---------------------------------------  ------------  -----------  ---------- 
       To provide the flexibility 
        to the Directors to issue shares 
        from time to time and grant 
        the authority until the next 
        annual general meeting (unless 
        such authority is revoked or 
        renewed prior to such time) 
        by authorising the Directors 
        in accordance with Article 
        8.3 of the Articles to issue 
        relevant securities up to an 
        aggregate nominal amount equal 
        to approximately one third 
        of the Enlarged Share Capital 
 2      ("Resolution 3" of the circular).       775,167,570   16,178,973   928,375 
      ---------------------------------------  ------------  -----------  ---------- 
 
                 Special Resolution 
      ---------------------------------------  ------------  -----------  ---------- 
       To grant the Directors the 
        authority to issue the New 
        Shares, the BEE Consortium 
        Pre-emption Shares and the 
        SPR Option Shares and the maximum 
        number of Orion Conversion 
        Shares that may be issuable 
        on an Orion Conversion as if 
        the pre-emption rights contained 
        in Article 9.2 of the Articles 
        did not apply to such issue 
 3      ("Resolution 2" of the circular).       777,189,029   13,283,193   1,802,696 
      ---------------------------------------  ------------  -----------  ---------- 
        To disapply the pre-emption 
         rights contained in Article 
         9.9 of the Articles in respect 
         of the issuance of equity securities 
         for cash pursuant to rights 
         issues and other pre-emptive 
         issues, and in respect of other 
         issues of equity securities 
         for cash up to an aggregate 
         nominal value which equates 
         to approximately 10 per cent 
         of the Enlarged Share Capital 
 4       ("Resolution 4" of the circular).      777,440,625   13,253,943   1,580,350 
      ---------------------------------------  ------------  -----------  ---------- 
 

Admission, Settlement and Total Voting Rights

An application has been made to the London Stock Exchange for the 395,897,277 Fundraise Shares and 124,267,747 Orion Shares to be admitted to trading on AIM. It is expected that Admission will become effective and dealings in the Fundraise Shares and Orion Shares to be issued pursuant to the Fundraise will commence on or around 28 December 2023.

Following Admission, there will be a total of 2,311,213,138 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 2,310,543,138 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.

The new Ordinary Shares to be issued pursuant to the PrimaryBid Offer will be issued free of all liens, charges and encumbrances and will, on Admission, rank pari passu in all respects with the new Ordinary Shares to be issued pursuant to the Placing, the Subscription and the Company's existing Ordinary Shares.

Furthermore, as announced on 5 December 2023, Acacia Resources Limited subscribed for 92,592,592 new ordinary shares of 1 pence each in the Company, which will be settled on or before 28 February 2024. A separate AIM application and announcement will be made regarding the admission of these shares to trading on AIM.

Craig Coltman, CEO of Bushveld Minerals Limited, commented:

"I would like to thank the shareholders for voting in favour of all the resolutions. Your support is of utmost importance as the equity raise which will provide the necessary resources for the Company to meet its financial obligations, increase production and ensure stability."

Enquiries : [e-mail]

 
Bushveld Minerals Limited                                   [phone] 
Craig Coltman, Chief Executive 
 Officer 
Chika Edeh, Head of Investor 
 Relations 
 
                                    Nominated Adviser, 
SP Angel Corporate Finance           Joint Broker & Joint       [phone] 
 LLP                                 Bookrunner                            0470 
Richard Morrison / Charlie 
 Bouverat 
Grant Barker / Richard Parlons 
 
                                    Joint Broker & Joint        [phone] 
Hannam & Partners                    Bookrunner                            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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.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.

END

ROMXDLFLXLLZFBE

(END) Dow Jones Newswires

December 27, 2023 09:30 ET (14:30 GMT)