Mustang Energy Share Discussion Threads

[begorrah88] 28/7/2023 06:06

Hey Gallegos!!!!

Read the BMN update and FFS update your own shareholders.


28 July 2023

Bushveld Minerals Limited

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

Enerox Update

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer and energy storage solutions provider, announces that VRFB Holdings Limited ("VRFB-H") has received notice from Garnet Commerce Limited ("Garnet") regarding its option in Enerox Holdings Limited ("EHL"), which wholly owns Enerox GmbH (Enerox).

Transaction details

Garnet has given notice to VRFB-H that it is exercising the option set out in the RNS dated 12 April 2023(1) , to pay to EHL, or directly to its subsidiary, Enerox, US$3,250,000(2) , in return for shares in EHL that will result in Garnet holding 60% of the issued share capital of Enerox and VRFB-H holding the remaining 40%.

1. Subject to obtaining approval from the Austrian Minister of Labour and Economic Affairs under the Austrian Investment Control Act and notification, if required, to the Austrian competition authorities

2. less the amount of any interim funding provided by Garnet to Enerox prior to completion of the option

Until completion of the option Garnet will have certain limited rights to direct the affairs of EHL and Enerox. The parties have also agreed to amend their existing joint venture agreement in relation to EHL, in particular so that:

On the basis that Garnet will own 60% of the issued share capital of EHL, it shall have the right to appoint a majority of board members to EHL.

Any further funding required by EHL or Enerox, if not available from third parties, shall be made by Garnet and VRFB-H pro rata to their shareholdings, save that if one party is not able or willing to participate in such funding then it will be diluted accordingly.

Garnet and VRFB-H will procure that EHL and Enerox will continue to deal with Bushveld Energy Limited ("BEL") whose assets are in the process of being carved out from Bushveld Minerals Limited ("BMN") and shall agree to terms on which:

For six months BEL will retain its rights of first refusal to supply electrolyte to Enerox projects subject to offering best pricing, after which BEL will instead be provided with the right to bid on any such projects and Enerox will not grant a right of first refusal to any other third party; and

Enerox will support BEL in completing installation and provide ongoing contracted support for the Bushveld Minigrid.

[begorrah88] 25/7/2023 14:29

DG able to pocket another £10k before having to come clean about his failure to get a prospectus out.I'm sure we'll hear about how hard he tried & how it disappointed they all are that they weren't able to close it out.The reality being DG has, for 27 months, been unable to put a prospectus together (his main job & purpose in all that time) or explain why not.All the distraction, & patting himself on the back for absolutely pointless shuffling of the deckchairs on the Titanic, has been a complete irrelevance & nothing more than an egotistical chase of a dream at someone else's expense.He may try & kick it further down the road as I'd imagine this will be the last well paid gig for continual failure that he is likely to get.

[begorrah88] 14/7/2023 07:41

Can't be many stocks where a crypto scamming post looks as though it would have been a much smarter investment!!

[begorrah88] 13/7/2023 14:43

About time somebody checked DG's office in Oz to see if he has done a runner months ago.Might just be littered with empty fosters cans & McDonalds wrappers.

[begorrah88] 04/7/2023 12:16

DG still happy to hide from shareholders while milking £10k per month from the rotting carcass of MUST.The whole board ought to hang their heads in shame about what's gone on here.

[megaman2] 03/7/2023 10:32

As normal disgusting communication here ..

Prospectus approval and fundraise commitment deadline gone and absolute silence ...

[jonny_wright] 03/7/2023 08:39

At this rate I'd be happy just to cover my broker fee, kicking myself tbh for not taking the 130% profit I had here

[megaman2] 30/6/2023 17:09

Yes if we are lucky ... This will be a money pit if it sees daylight again and the people involved with it are clowns .

[jonny_wright] 30/6/2023 17:04

I'd expect this to open around 10p - if it does I'm selling to try and recoup anything I can

[begorrah88] 30/6/2023 08:04

Whereas I thought any tie up with BMN was a huge mistake at the time.What is disgraceful is the way MUST have treated shareholders by poor & questionable rare updates & hiding behind the minimum they have to.It's the end of June, there has been no prospectus so it's all failed again and we will probably have to wait another 28 days while DG hides behind supposed legalities before being updated.

[jonny_wright] 29/6/2023 07:12

We just need to accept we've lost our money here, I had such a good feeling the day this was suspended now it's turned to anger and frustration

[megaman2] 28/6/2023 08:54

2 working days ..
Silence ...

[megaman2] 27/6/2023 08:31

3 working days ...

[megaman2] 26/6/2023 12:51

4 working days ..

Silence here

[megaman2] 23/6/2023 15:00

5 working days

[megaman2] 23/6/2023 04:23

Fortune said in the post rns interview prospectus shortly..

As you say bmn likely need to dispose of must asap..

Terms require approval of prospectus by Month and commitment if $15 milk funding Garnett can take control and don't have to reverse into must ..

A 49 % reversal into must won't be as appealing to investors with split unconnected equity .

6 working days for approval or it's a massive balls up.

If they do manage to list share price will get smashed as bmn need to raise money and selling it's cellcube shares are the obvious first option .

[begorrah88] 21/6/2023 06:48

Is Fortune stepping down at BMN [either willingly or forced] going to completely collapse the MUST deal or was it a pre-requisite for things to move forward?

Think it's a safe bet that this now throws a massive spanner in the works as I thing DG bought all of Fortunes snake oil [he surely must have had his doubts though, the way BMN & Fortune have acted over the past 2 years?].

I suppose we will now get the usual extension while Coltman at BMN surveys the mess he is walking into and the decisions he either has to carry on with or pull out of.

The only saving grace is that BMN desperately need money so he might be keen to push the BE carve out through sooner rather than later although it says 'expected by end of 2023'

[megaman2] 20/6/2023 10:25

The FCA...
That old chestnut....

[begorrah88] 19/6/2023 06:10

Yes, pretty safe bet that Gallegos is about to miss his 11th consecutive deadline. Certainly earning that £10k per month!2 years & 2 months of farce....so far