US$2 million SPR Debt Funding Received

Bushveld Minerals Limited

12 August 2024

 

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12 August 2024

Bushveld Minerals Limited

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

US$2 million SPR Debt Funding Received

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to announce that the Company has received a final instalment of US$2 million from Southern Point Resources Fund I S.A. LP ("SPR") today, securing the total amount of US$12 million of the interim working capital facility announced 07 May 2024.

Additionally, as announced 28 June 2024, OMF Fund III (F) Limited ("Orion") has agreed to match the additional funds paid by SPR on a $ for $ basis up to a maximum of US$10 million, subject to approval by the South African Reserve Bank ("SARB"), which will provide further working capital to support the Company's operations.

Craig Coltman, CEO of Bushveld Minerals Limited, commented: 

"I'm delighted to share that the Company has successfully secured the final instalment of the US$12 million working capital facility provided by SPR. This additional funding, along with the expected matched support from Orion, will significantly bolster our financial position by providing valuable working capital to pay down our creditors and improve the state of the corporate balance sheet, as well as continue progressing our turnaround initiatives 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