Result of Annual General Meeting & Issue of Equity

RNS Number : 2565X

Bushveld Minerals Limited

08 August 2018

 

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.

8 August 2018

Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

Result of Annual General Meeting & Issue of Equity

Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated primary vanadium producer, with ownership of high grade vanadium assets is pleased to announce that all resolutions put to Shareholders at the Annual General Meeting held earlier today were duly passed, including Resolution 9, to approve the issue and allotment of 24,847,310 new ordinary shares of 1 pence each to be issued to certain directors, senior employees and advisors of the Company (the "Compensation Shares").

Issue of Equity

Further to the approval by Shareholders of the Retrospective Compensation Scheme (details of which are set out in the "Final Results for the Period Ended 31 December 2017" announcement dated 29 June 2018), the Board has today issued the Compensation Shares as follows:

Name of recipient	Role	Number of Compensation Shares
Fortune Mojapelo	Chief Executive Officer	7,000,000
Anthony Viljoen	Non-Executive Director (Executive Director till 09/11/2017)	7,000,000
Ian Watson	Non-Executive Chairman	3,015,000
Jeremy Friedlander	Non-Executive Director	1,050,000
Bill Chipane	Director of Bushveld Vametco Limited	2,500,000
Senior Employees and Advisors		4,282,310
Total Shares		24,847,310

The Compensation Shares are subject to a minimum restricted hold period of 12 months except for limited circumstances including meeting any tax liabilities resulting from the share award.

The Compensation Shares will represent approximately 2.26% of the Company's enlarged issued share capital.

Admission to AIM and Total Voting Rights

Application will be made for admission of these 24,847,310 new Ordinary Shares to trading on AIM ("Admission"). It is expected that Admission will take place on or around 15 August 2018.

Following Admission, there will be a total of 1,104,871,960 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 1,104,201,960 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.

Directors' Shareholdings

Following the issue of the Compensation Shares, the directors' shareholdings in the Company are as follows:

Director	Current Shareholding	Number of Compensation Shares Awarded	Resultant Shareholding	% of Enlarged Issued Share Capital
Anthony Viljoen	9,826,667	7,000,000	16,826,667	1.52%
Fortune Mojapelo	9,660,000	7,000,000	16,660,000	1.51%
Ian Watson	540,000	3,015,000	3,555,000	0.32%
Jeremy Friedlander	Nil	1,050,000	1,050,000	0.10%
Geoff Sproule	1,500,000	Nil	1,500,000	0.14%
Michael Kirkwood	300,000	Nil	300,000	0.03%

PDMR Dealing

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail on the director's share dealing.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1.	Details of the person discharging managerial responsibilities/person closely associated
(a)	Full name of person Dealing	i. Fortune Mojapelo ii. Anthony Viljoen iii.   Ian Watson iv.   Jeremy Friedlander v. Bill Chipane vi.   Kate Bredin
2.	Reason for notification
(b)	Position/status	i. Chief Executive Officer ii. Non-Executive Director iii.   Non-Executive Chairman iv.   Non-Executive Director v. Head: Corporate Development vi.   Head: Compliance
(c)	Initial notification/ Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
(d)	Name of entity	Bushveld Minerals Limited
(e)	LEI	213800GX31GYRET8ZE57
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
(a)	Description of the financial instrument, type of instrument	Ordinary shares of 1 pence each
(b)	Identification code	GG00B4TM3943
(c)	Nature of the transaction	Issue of ordinary shares in lieu of historic compensation shortfalls
(d)	Price(s) and volume(s)	Prices(s) Volume(s) i. Nil ii.       Nil iii.      Nil iv.       Nil v.       Nil vi.       Nil i. 7,000,000 ii.       7,000,000 iii.       3,015,000 iv.       1,050,000 v. 2,500,000 vi.       2,258,455
(e)	Aggregated information: - Aggregated volume - Price	Single transaction as in 4(d) above Prices(s) Volume(s) i. Nil ii.       Nil iii.      Nil iv.       Nil v.       Nil vi.       Nil i. 7,000,000 ii.       7,000,000 iii.       3,015,000 iv.       1,050,000 v. 2,500,000 vi.       2,258,455
(f)	Date of transaction	8 August 2018
(g)	Place of transaction	St Peter Port, Guernsey (off-market issue of new ordinary shares)

Enquiries: [e-mail]

Bushveld Minerals		[phone]
Fortune Mojapelo, Chief Executive Officer
Chika Edeh, Head of Investor Relations
SP Angel Corporate Finance LLP	Nominated Adviser & Broker	[phone]
Ewan Leggat
Richard Morrison
Laura Harrison
Alternative Resource Capital	Joint Broker
Rob Collins		[phone]
Alex Wood		[phone]
Tavistock	Financial PR
Charles Vivian / Gareth Tredway		[phone]
Lifa Communications	Financial PR
Gabriella von Ille		[phone]

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low cost, integrated, primary vanadium producer, with ownership of high grade vanadium assets. 

The Company's flagship vanadium platform includes a 59.1 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; the Mokopane Vanadium Project and the Brits Vanadium Project.

Bushveld's vision is to become a significant, low cost, integrated primary vanadium producer through owning 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 the steel industry, Bushveld Minerals believes there is strong potential for an imminent and significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries.

While the Company's focus is on vanadium operations and the development and promotion of VRFBs, it has additional investments in coal, power and tin.

The coal platform comprises the wholly-owned Imaloto Coal Project, which is being developed as one of Madagascar's leading independent power producers. The Company's tin interests are held through its shareholding in AIM listed AfriTin Mining Limited.

The Company's 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 within a visible timeframe, low capital expenditure requirements and scalability are important factors in ensuring a positive return on investment. 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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