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AfriTin Working Capital Support Financing - Update

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RNS Number : 3626J
Bushveld Minerals Limited
16 August 2019
 

16 August 2019

Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

AfriTin Working Capital Support Financing - Update

Bushveld Minerals Limited (AIM: BMN), the AIM listed, integrated primary vanadium producer, with ownership of high grade vanadium assets in South Africa, notes that AfriTin Mining Limited ("AfriTin") has today agreed a NAD 35,000,000 (approximately US$2.3 million) working capital facility with Nedbank Namibia ("Nedbank").  Bushveld holds approximately 8% of the total issued share capital in AfriTin.

 

On 22 May 2019, the Company announced that it had agreed to provide a short-term standby working capital support facility to AfriTin for the amount of ZAR 30,000,000 (approximately US$2.1 million on 22 May 2019). AfriTin has subsequently secured a working capital facility for the amount of NAD 35,000,000 from Nedbank Namibia (the "Nedbank Facility"), with the support of Bushveld Minerals providing to stand surety for the Nedbank Facility to the value of NAD 30,000,000 (approximately US$2.0 million).

 

In the unlikely event of default, Nedbank will first call on the suretyship of the parent company of the AfriTin Group (i.e. AfriTin Mining Limited). In the event that AfriTin Mining Limited cannot meets its obligations under the facility, Nedbank will call upon the Bushveld Minerals suretyship.

The above is less onerous on Bushveld Minerals as it is not a cash collateralised guarantee. In addition,

the terms agreed for the Working Capital Facility announced on the 22 May 2019 remain unchanged with respect to Bushveld Minerals. The Company is comfortable with the progress that AfriTin has made towards production at its Namibian flagship project and with the security it retains from AfriTin for the suretyship in the form of a notarial bond over the AfriTin processing plant.

 

 

Enquiries: [email protected]

Bushveld Minerals


+27 (0) 11 268 6555

Fortune Mojapelo, Chief Executive Officer



Chika Edeh, Head of Investor Relations






SP Angel Corporate Finance LLP

Nominated Adviser & Broker

+44 (0) 20 3470 0470

Ewan Leggat / Richard Morrison



Jonathan Williams / Richard Parlons






Alternative Resource Capital

Joint Broker


Rob Collins


+44 (0) 207 186 9001

Alex Wood


+44 (0) 207 186 9004




BMO Capital Markets Limited

Joint Broker

+44 (0) 20 7236 1010

Jeffrey Couch / Tom Rider

Michael Rechsteiner / Neil Elliot






Tavistock

Financial PR


Charles Vivian / Gareth Tredway


+44 (0) 207 920 3150




Brunswick

Financial PR (South Africa)


Miyelani Shikwambana


+27 (0) 11 502 7300

 

 

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a low cost, integrated, primary vanadium producer, with ownership of high grade vanadium assets.

The Company's flagship vanadium platform includes a 74 per cent controlling interest in Bushveld Vametco Alloys (Pty) Ltd, a primary vanadium mining and processing company; the Mokopane Vanadium Project and the Brits Vanadium Project.

Bushveld's vision is to become a significant, low cost, integrated primary vanadium producer through owning 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.

While the Company's focus is on vanadium operations and the development and promotion of VRFBs, it has additional investments in coal, power and tin.

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.

Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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