SARB Approval for Orion US$10M Matched Funding

Bushveld Minerals Limited
14 August 2024
 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7

of Regulation (EU) No 596/2014 until the release of this announcement

14 August 2024

Bushveld Minerals Limited

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

South African Reserve Bank Approval Granted for Orion US$10m matched funding

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to announce that the South African Reserve Bank ("SARB") has approved the applicable exchange control authorisations relating to OMF Fund III (F) Limited's ("Orion") existing security as a result of the revised funding arrangement, a condition of the Senior Loan Facility Agreement ("Agreement") amended and restated, announced on 28 June 2024.

As per the Agreement, Orion agreed to match on a dollar-for-dollar basis the additional funds provided by Southern Point Resources Fund I S.A. LP ("SPR"), up to a maximum of US$10 million.

The release of additional working capital from Orion, expected to be received shortly, will provide support to execute the Vametco turnaround strategy, cover transaction costs and reduce the Company's creditor balance.

 

Craig Coltman, CEO of Bushveld Minerals Limited, commented: 

"I am pleased to confirm that SARB has approved the additional funding by Orion of up to US$10 million in matched funding. In addition to the full working capital facility provided by SPR of US$12 million, the release of Orion funds in due course will further enhance our working capital position and allow us to advance our turnaround strategy at Vametco."

 

Enquiries :  info@Bushveldminerals.com

Bushveld Minerals Limited


+27 (0) 11 268 6555

Craig Coltman, Chief Executive Officer









SP Angel Corporate Finance LLP

Nominated Adviser & Joint Broker

+44 (0) 20 3470 0470

Richard Morrison / Charlie Bouverat

 


Grant Barker / Abigail Wayne

 



 


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 the world's three primary vanadium producers, offering compelling exposure to vanadium through its upstream asset.

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
 
 
UK 100

Latest directors dealings