Mustang Energy PLC Announcement by Bushveld Minerals Limited (5465H)
28 Juli 2023 - 8:33AM
UK Regulatory
TIDMMUST
RNS Number : 5465H
Mustang Energy PLC
28 July 2023
28 July 2023
Mustang Energy PLC
("MUST" or the "Company")
Announcement by Bushveld Minerals Limited
Mustang Energy PLC (the "Company"), the special purpose
acquisition company, notes the announcement today by Bushveld
Minerals Limited; of which an excerpt is copied below.
The Company will update shareholders in the next 7 days on
subsequent developments.
Bushveld Minerals Limited
("Bushveld Minerals", "Bushveld" or the "Company")
Enerox Update
Bushveld Minerals Limited (AIM: BMN), the integrated primary
vanadium producer and energy storage solutions provider, announces
that VRFB Holdings Limited ("VRFB-H") has received notice from
Garnet Commerce Limited ("Garnet") regarding its option in Enerox
Holdings Limited ("EHL"), which wholly owns Enerox GmbH
(Enerox).
Transaction details
Garnet has given notice to VRFB-H that it is exercising the
option set out in the RNS dated 12 April 2023(1) , to pay to EHL,
or directly to its subsidiary, Enerox, US$3,250,000(2) , in return
for shares in EHL that will result in Garnet holding 60% of the
issued share capital of Enerox and VRFB-H holding the remaining
40%.
1. Subject to obtaining approval from the Austrian Minister of
Labour and Economic Affairs under the Austrian Investment Control
Act and notification, if required, to the Austrian competition
authorities
2. less the amount of any interim funding provided by Garnet to
Enerox prior to completion of the option
Until completion of the option Garnet will have certain limited
rights to direct the affairs of EHL and Enerox. The parties have
also agreed to amend their existing joint venture agreement in
relation to EHL, in particular so that:
-- On the basis that Garnet will own 60% of the issued share
capital of EHL, it shall have the right to appoint a majority of
board members to EHL.
-- Any further funding required by EHL or Enerox, if not
available from third parties, shall be made by Garnet and VRFB-H
pro rata to their shareholdings, save that if one party is not able
or willing to participate in such funding then it will be diluted
accordingly.
Garnet and VRFB-H will procure that EHL and Enerox will continue
to deal with Bushveld Energy Limited ("BEL") whose assets are in
the process of being carved out from Bushveld Minerals Limited
("BMN") and shall agree to terms on which:
-- For six months BEL will retain its rights of first refusal to
supply electrolyte to Enerox projects subject to offering best
pricing, after which BEL will instead be provided with the right to
bid on any such projects and Enerox will not grant a right of first
refusal to any other third party; and
-- Enerox will support BEL in completing installation and
provide ongoing contracted support for the Bushveld mini-grid.
ENQUIRIES
For further information, please visit www.mustangplc.com ,
follow us on Twitter @Mustang_Plc , or contact:
Mustang Energy PLC
Dean Gallegos, Managing Director
dg@mustangplc.com
+61 416 220 007
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
END
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END
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July 28, 2023 02:33 ET (06:33 GMT)
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