Bushveld Minerals Limited Update on Outstanding Funds (2852Z)

TIDMBMN

RNS Number : 2852Z

Bushveld Minerals Limited

10 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.

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 : [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 10, 2024 07:55 ET (12:55 GMT)