Full settlement of the Barak Financing

RNS Number : 1201I

Bushveld Minerals Limited

15 June 2017

 

15 June 2017

Bushveld Minerals Ltd

("Bushveld" or the "Company")

Full settlement of the Barak Financing

Bushveld Minerals Limited (AIM: BMN), the vanadium producing company with a diversified projects portfolio of tin and coal assets in Southern Africa, today provides the following update on the financing agreements (the "Agreements"), in support of the acquisition by Bushveld Vametco Limited ("BVL") from Evraz Group S.A ("Evraz") of a 78.8% shareholding interest in Strategic Minerals Corporation ("SMC") (the "Acquisition"), with Barak Fund SPC Limited ("Barak") (the "Barak Financing"). 

Following the US$11.0 million bridge loan settlement announcement on 8 June 2017, BVL is pleased to advise that it has paid the outstanding US$ 961,010 in fees and interest to Barak. This completes payment of all outstanding obgligations to Barak in terms of the bridge loan facility agreement.

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented, "As previously announced, we intended to settle the outstanding Barak bridge loan as soon as possible duiring the month of June. We are pleased to have honoured our obligations with Barak in such a timely fashion."

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.

Enquiries: [e-mail]

Bushveld Minerals Limited

Fortune Mojapelo                                                                       [phone]

Strand Hanson Limited (Nominated Adviser)

Andrew Emmott / Ritchie Balmer                                                 [phone]

Beaufort Securities (Joint broker)

Jon Bellis                                                                                  [phone]

SP Angel Corporate Finance (Joint broker)

Ewan Leggat                                                                             [phone]

Blytheweigh (Public Relations)

Tim Blythe / Camila Horsfall                                                        [phone]

Gabriella von llle                                                                         [phone]

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a diversified AIM listed mineral development company with a portfolio of vanadium, iron ore, tin and coal greenfield assets in Southern Africa and Madagascar.  The Company's flagship platform, the vanadium platform, includes the Mokopane Vanadium Project, the Brits Vanadium Project, and the Bushveld Iron Ore & Titanium Project. The tin platform comprises the Mokopane Tin Project whereas the Imaloto Coal Project, which is being developed as one of Madagascar's leading independent power producers, makes up the Company's coal platform.

The Company's vision is to become the largest low cost integrated primary vanadium producer through owned low-cost high-grade assets. This incorporates development and promotion of the role of vanadium in the growing global energy storage market through Bushveld Energy, the Company's energy storage solutions provider. Whilst the demand for vanadium remains largely anchored in a slow growing steel industry, Bushveld Minerals believes there is a strong potential for imminent significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries.

Bushveld Minerals' approach to project development recognises that whilst attractive project economics are imperative, they are insufficient to secure capital to bring them to account. A clear path to production with a visible timeframe, low capex requirements and scalability are important factors in retaining an attractive exit option. This philosophy is core to the Company's strategy in developing projects. Detailed information on the Company and progress to date can be accessed on the website: www.bushveldminerals.com

 

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