Bushveld Minerals Limited Completion of Placing (1954N)
21 October 2016 - 10:19PM
UK Regulatory
TIDMBMN
RNS Number : 1954N
Bushveld Minerals Limited
21 October 2016
21 October 2016
Bushveld Minerals Ltd
("Bushveld" or the "Company")
Completion of Placing
Bushveld Minerals Limited (AIM: BMN), a diversified mineral
development company with projects in South Africa and Madagascar,
is pleased to announce it has placed 53,571,430 new ordinary shares
of 1.0 pence each in the Company ("Ordinary Shares") at a price of
1.4 pence each (the "Placing Shares") raising gross proceeds of
GBP750,000 (the "Placing"). The Placing was co-ordinated by
Beaufort Securities Limited.
Beaufort Securities Limited has been issued 5,357,143 broker
warrants exercisable at 2.8 pence and with an expiry period of
three years from the date of issue.
The net proceeds of the Placing will be used for general working
capital purposes while the Company finalises financing for the
Vametco transaction, which is expected to be majority funded
through debt.
Admission to AIM and Total Voting Rights
Application has been made for admission of the Placing Shares to
trading on AIM ("Admission") and it is expected that Admission will
take place and that trading will commence on AIM at 8.00 a.m. on 27
October 2016.
Following Admission, there will be a total of 683,908,870
Ordinary Shares in issue, 670,000 of which are held in treasury.
Shareholders should use the figure of 683,238,870 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.
Commenting on the Placing, CEO of Bushveld, Fortune Mojapelo,
said
"We are pleased to successfully complete this Placing without
the need for a roadshow due to existing demand at this exciting
time from both existing and new investors ahead of finalising of
the Vametco transaction which we look forward to updating the
market on in the coming months."
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: info@bushveldminerals.com
Bushveld Minerals
Fortune Mojapelo +27 (0) 11 268 6555
Beaufort Securities
Jon Belliss +44 (0) 20 7382 8300
Strand Hanson
Andrew Emmott/ Ritchie
Balmer +44 (0) 20 7409 3494
Blytheweigh
Tim Blythe/ Camilla
Horsfall/ Gabriella +44 (0) 20 7138 3204
von Ille +27 (0) 711 121 907
Notes to editors
Bushveld Minerals Limited is a vanadium-focussed mineral
development company with a portfolio of primary vanadium projects,
tin and coal assets in Southern Africa and Madagascar.
The Group owns the Bushveld Vanadium Project, Mokopane Vanadium
Project, Brits Vanadium Project, Bushveld Iron Ore Project and the
Mokopane Tin Project, located on the northern limb of the Bushveld
Complex, South Africa. Bushveld also owns the Imaloto coal project
in Madagascar, acquired in September, 2015, through its takeover of
Lemur Resources.
Bushveld was admitted to the AIM of the London Stock Exchange in
March 2012.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 21, 2016 07:19 ET (11:19 GMT)