Strategic Minerals Corporation acquisition

RNS Number : 4683Q

Bushveld Minerals Limited

30 November 2016

 

Bushveld Minerals Limited

30 November 2016

30 November 2016

Bushveld Minerals Limited

("Bushveld" or "the Company")

SA Competition Commission approves Strategic Minerals Corporation acquisition

Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with projects in South Africa and Madagascar, is pleased to announce the Competition Commission of South Africa has completed its investigation and unconditionally approved Bushveld Vametco Limited's acquisition of Strategic Minerals Corporation ("SMC"), in accordance with section 14(1)(b) of the Competition Act.

The Company is making good progress in securing the financing for the completion of the acquisition and to secure the fulfilment of the remaining conditions precedent which include obtaining approval from Bushveld shareholders and the waiver or lapse of Sojitz Corporation's pre-emption rights to acquire the SMC shares.

Further updates will be provided as appropriate.

Fortune Mojapelo, CEO of Bushveld Minerals, commented:

"We are pleased this significant milestone in fulfilling conditions precedent for the SMC acquisition has been completed within the expected time frame. The approval is supportive of Bushveld's efforts to complete the transaction as soon practically possible."

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

Fortune Mojapelo                                                                       [phone]

Beaufort Securities

Jon Bellis                                                                                  [phone]

Strand Hanson

Andrew Emmott                                                                        [phone]

Blytheweigh

Tim Blythe / Camila Horsfall                                                        [phone]

Gabriella von llle                                                                         [phone]

ABOUT BUSHVELD MINERALS LIMITED

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 an 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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