ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

BMN Bushveld Minerals Limited

1.075
0.00 (0.00%)
22 Apr 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bushveld Minerals Limited LSE:BMN London Ordinary Share GG00B4TM3943 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.075 1.05 1.10 0.00 01:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Minrls,earths-ground,treated 151.18M -38.97M -0.0166 -0.64 25.07M

Bushveld Minerals Limited Further update on Outstanding Funds

16/02/2024 7:08am

RNS Regulatory News


RNS Number : 4200D
Bushveld Minerals Limited
16 February 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. 

 

16 February 2024

Bushveld Minerals Limited

("Bushveld" or the "Company")

Further update on Outstanding Funds

 

Further to the Company's announcement on 19 January 2024, Bushveld Minerals Limited (AIM: BMN), the primary vanadium producer, is pleased to announce that today it has received an additional ZAR76 million (~US$4 million) from Southern Point Resources ("SPR") which has been provided on an interest free basis and will be repaid once SPR provides Bushveld with the entire US$12.5 million, pursuant to the SPR subscription agreement (the "Subscription Agreement"). The Company has now received a total of ZAR116 million (~US$6 million) from SPR as an interest free loan. SPR has communicated that the full US$12.5 million will be paid no later than 28 February 2024.

 

As previously mentioned, under the Subscription Agreement, SPR was due to transfer the US$12.5 million from an offshore bank account into Bushveld's UK bank account. However, the payments received to date have been paid into a Bushveld subsidiary's South African bank account from SPR's bank account in South Africa. If the US$6 million received to date were to be used to satisfy SPR's obligation under the Subscription Agreement, approval of the South African Reserve Bank would have been required, which would have resulted in further delays in the flow of funds. Until the entire US$12.5 million is received, SPR remains in default of the Subscription Agreement.

 

The Company lost 11 and 3 days of production in January at Vanchem and Vametco respectively due to the delayed settlement. Vametco is undergoing a maintenance shutdown and is expected to restart shortly. Vanchem is operating at near full capacity. 

 

The Board continues to monitor the situation closely and is working with its creditors and stakeholders to manage the financial condition of the Company.

 

 

Enquiries: info@Bushveldminerals.com

Bushveld Minerals Limited


+27 (0) 11 268 6555

Craig Coltman, Chief Executive Officer



Chika Edeh, Head of Investor Relations






SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

+44 (0) 20 3470 0470

Richard Morrison / Charlie Bouverat

 


Grant Barker / Richard Parlons

 



 


Hannam & Partners

Joint Broker

+44 (0) 20 7907 8500

Andrew Chubb / Matt Hasson / Jay Ashfield

 



 


Tavistock

Financial PR

+44 (0) 207 920 3150

Gareth Tredway / Tara Vivian-Neal / James Whitaker



 

 

 

ENDS

 

 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a primary vanadium producer, it is one of only three operating primary vanadium producers. Bushveld has 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 rns@lseg.com 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
 
 
FURGZGMZNVVGDZG

1 Year Bushveld Minerals Chart

1 Year Bushveld Minerals Chart

1 Month Bushveld Minerals Chart

1 Month Bushveld Minerals Chart

Your Recent History

Delayed Upgrade Clock