Bushveld Minerals Limited Issue of Equity and Convertible Loan Note (3267Z)

TIDMBMN

RNS Number : 3267Z

Bushveld Minerals Limited

13 September 2022

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.

13 September 2022

Bushveld Minerals Limited

("Bushveld Minerals" "Bushveld" or the "Company")

Issue of Equity and Novation of Lind Convertible Loan Note

Bushveld Minerals Limited (AIM: BMN), the AIM-quoted, integrated primary vanadium producer and energy storage solutions provider with ownership of high-grade assets in South Africa, announces that further to the announcement made on 2 September 2022, the Company has issued 20,876,937 shares to Lind Global Macro Fund, LP ("Lind") pursuant to Lind's election, to redeem its US$1,250,000 Convertible Loan Note ("Lind's Mustang CLN") issued by Mustang Energy Plc ("Mustang") on 26 April 2021 pursuant to the terms of the Loan Note Instrument.

Redemption of Lind's Mustang CLN

-- Lind's Mustang CLN was issued to Lind following its participation in a US$8 million capital raise by Mustang in 2021, for purposes of investing in VRFB Holdings Limited ("VRFBH") as announced on 27 April 2021.

-- As announced on 2 September 2022, the deadline for Readmission (and accordingly, for exercising the Backstop) as announced on 19 January 2022 and in an update on 29 March 2022 has been extended further to 28 October 2022 to allow Mustang to complete its Readmission process, by the holders of the Mustang CLNs other than Lind, which has elected to exercise the Backstop.

-- Bushveld will allot 20,876,937 shares to Lind, based on the 20 day Volume Weighted Average Price prior to 5 September 2022, and rounded down to the nearest share, as is equal to the face value of Lind's Mustang CLN plus accrued interest at 10% from 26 April 2021 up until 11 September 2012, applying an exchange rate of US$1.1589/GBP1.00.

-- The shares issued are to be admitted to trading on AIM within 5 business days thereafter, in accordance with the terms of the Investment Agreement, and Bushveld expects admission to occur on 20 September 2022.

-- Following Admission, there will be a total of 1,287,818,281 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 1,287,148,281 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 voting rights of the Company, under the FCA's Disclosure and Transparency Rules.

ENDS

Enquiries: [e-mail]

Contact

 
                                                        [phone] 
Bushveld Minerals Limited                                6555 
Fortune Mojapelo, Chief Executive 
 Officer 
Chika Edeh, Head of Investor 
 Relations 
 
SP Angel Corporate Finance          Nominated Adviser   [phone] 
 LLP                                 & Broker            0470 
Richard Morrison / Charlie 
 Bouverat 
Grant Baker / Richard Parlons 
 
                                                        [phone] 
RBC Capital Markets                 Joint Broker         4000 
Jonathan Hardy / Caitlin Leopold 
 
Tavistock                           Financial PR 
Gareth Tredway / Tara Vivian-Neal                       [phone] 
 / Adam Baynes                                           3150 
 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low-cost, vertically integrated primary vanadium producer. It is one of only three operating primary vanadium producers, owning 2 of the world's 4 operating primary vanadium processing facilities. In 2021, the Company produced 3,592 mtV, representing approximately 3% of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors, the Company participates in the entire vanadium value chain through its two main pillars: Bushveld Vanadium, which mines and processes vanadium ore; and Bushveld Energy, an energy storage solutions provider. Bushveld Vanadium is targeting to materially grow its vanadium production and achieve an annualised steady state production run rate of between 5,000 mtVp.a. and 5,400 mtVp.a by the end of 2022. Growth plans to expand to 8,000 mtVp.a. will be pursued, subject to funding and market conditions.

Bushveld Energy is focused on developing and promoting the role of vanadium in the growing global energy storage market through the advancement of vanadium-based energy storage systems, specifically Vanadium Redox Flow Batteries ("VRFBs")

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

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END

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September 13, 2022 11:35 ET (15:35 GMT)