TIDMBMN
RNS Number : 4101W
Bushveld Minerals Limited
12 December 2023
THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES
NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR
ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE
FOR, ANY SECURITIES OF BUSHVELD MINERALS LIMITED.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO
ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS
UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART
IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, THE REPUBLIC OF
SOUTH AFRICA OR JAPAN.
Capitalised terms not otherwise defined herein shall have the
meanings given to them in the announcement made by Bushveld
Minerals Limited in respect of the launch of the PrimaryBid Offer
on 5 December 2023, unless the context requires otherwise.
12 December 2023
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Results of PrimaryBid Offer
Bushveld Minerals (AIM: BMN), the AIM quoted, integrated primary
vanadium producer, is pleased to announce the successful completion
of the PrimaryBid Offer that was announced on 5 December 2023.
Following the successful completion of the Placing and the
Subscription, as announced by the Company on 5 Dece mber 2023 (the
"Results Announcement"), retail investors have subscribed via the
PrimaryBid platform for a total of 2,451,114 new ordinary shares of
1 pence each in the Company ("Ordinary Shares") at an issue price
of 3 pence per Ordinary Share, ("Primary Bid Shares") raising gross
proceeds of approximately GBP73,533.
Consequently, further to the Company's announcement on 5
December 2023 confirming a placing and subscription to raise
approximately US$18.4 million (GBP14.6 million) through the issue
of 486,038,755 new Ordinary Shares at 3 pence per Ordinary Share
and the issue of the Primary Bid Shares in aggregate, 488,489,869
new Ordinary Shares will be issued pursuant to the Fundraise
("Fundraise Shares"), subject to resolutions numbered 1 and 2
("Fundraising Resolutions") in the General Meeting Circular
published on 5 December 2023 ("Circular") and to be proposed at a
general meeting of the Company's shareholders to be held on 27
December 2023 in connection with the Fundraise.
Additionally, further to the Company's announcement of 27
November 2023. and as detailed in the Circular, 124,267,747 new
Ordinary Shares will be issued, subject to the passing of the
Fundraising Resolutions, pursuant to the restructuring of the Orion
Mine Finance Convertible Loan Note Refinancing, ("Orion
Shares").
The Fundraise Shares will represent approximately 22.5 per cent.
of the Company's issued share capital as enlarged by the Fundraise
and issue of Orion Shares (excluding treasury shares), and raising
aggregate gross proceeds of approximately GBP14.7 million.
Craig Coltman, CEO of Bushveld Minerals commented: " We are
grateful to all investors that are supporting the Company and
subscribed through the PrimaryBid platform."
Admission, settlement and Total Voting Rights
An application will be made to the London Stock Exchange for the
488,489,869 Fundraise Shares and 124,267,747 Orion Shares to be
admitted to trading on AIM. It is expected that Admission will
become effective and dealings in the Fundraise Shares and Orion
Shares to be issued pursuant to the Fundraise will commence on or
around 28 December 2023, subject to the approval by the Company's
shareholders of the Fundraising Resolutions ("Admission").
Following Admission, there will be a total of 2,170,969,475
Ordinary Shares in issue, 670,000 of which are held in treasury.
Shareholders should use the figure of 2,170,299,475 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 Company, under the FCA's Disclosure and
Transparency Rules.
The new Ordinary Shares to be issued pursuant to the PrimaryBid
Offer will be issued free of all liens, charges and encumbrances
and will, on Admission, rank pari passu in all respects with the
new Ordinary Shares to be issued pursuant to the Placing, the
Subscription and the Company's existing Ordinary Shares.
Enquiries
Bushveld Minerals Limited
Craig Coltman, Chief Executive Officer +27 (0) 11 268 6555
Chika Edeh, Head of Investor Relations info@bushveldminerals.com
PrimaryBid Limited enquiries@primarybid.com
Nick Smith / James Deal
Hannam & Partners, Joint Broker & Joint
Bookrunner
Andrew Chubb / Matt Hasson / Jay Ashfield +44 (0) 20 7907 8500
SP Angel Corporate Finance LLP , Nominated
Advisor
& Broker
Richard Morrison / Charlie Bouverat +44 (0) 20 3470 0470
Tavistock , Financial PR
Gareth Tredway / Tara Vivian-Neal / James
Whitmore +44 (0) 207 920 3150
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END
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