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 :  [e-mail]

Bushveld Minerals Limited		[phone]
Craig Coltman, Chief Executive Officer
SP Angel Corporate Finance LLP	Nominated Adviser & Joint Broker	[phone]
Richard Morrison / Charlie Bouverat
Grant Barker / Abigail Wayne
Hannam & Partners	Joint Broker	[phone]
Andrew Chubb / Matt Hasson / Jay Ashfield
Tavistock	Financial PR	[phone]
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.

 

END