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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 June 2018
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Redemption of Convertible Bonds
Bushveld Minerals (AIM: BMN), the integrated vanadium producer with additional investments in coal, power and tin, is pleased to provide an update in respect to the redemption of all of the outstanding unsecured convertible bonds (the "Convertible Bonds") previously issued to Atlas Special Opportunities, LLC ("Atlas"), as announced on 25 September 2017.
Bushveld has, in line with its stated intentions at the time of its US$22 million placing in March 2018, fully redeemed the Convertible Bonds. The Convertible Bonds were settled in full for a final aggregate cash payment of £5.116 million, including interest and early redemption charges. The Company has received confirmation of settlement from Atlas.
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:
"We are delighted to have redeemed the remaining convertible bond with Atlas, in line with our stated intention when we raised US$22 million placing in March 2018. We would also like to take this opportunity to thank the Atlas team for its support which provided the Company with the capital required at the time to build on our objectives and strategy of becoming one of the world's largest, low-cost and integrated primary vanadium platforms. We now find ourselves in an optimum position to further develop and expand our business going into the second half of this year"
Enquiries: [email protected]
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is an AIM listed integrated vanadium producer with additional investments in coal, power and tin.
The Company's flagship vanadium platform includes a 59.1% controlling interest in Bushveld Vametco Alloys (Pty) Ltd a primary vanadium mining and processing company; the Mokopane Vanadium Project and the Brits Vanadium Project. 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.
Bushveld's vision is to grow into a significant, low cost, integrated primary vanadium producer through owned 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.
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.
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