logo-loader
viewBushveld Minerals Ltd

R375 million Debt Facilities Secured

/**/ sup{font-size:80%}h1{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:42.55pt;text-align:justify;text-indent:-42.55pt;line-height:120%;font-size:12.0pt;font-family:"Segoe UI","sans-serif";text-transform:uppercase;font-weight:bold;}h2{margin-top:18.0pt;margin-right:0cm;margin-bottom:8.0pt;margin-left:0cm;text-align:justify;line-height:120%;border:none;padding:0cm;font-size:10.0pt;font-family:"Arial","sans-serif";font-variant:small-caps;color:#404040;font-weight:bold;}h3{margin:0cm;margin-bottom:.0001pt;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Arial","sans-serif";color:#262626;font-weight:bold;font-div:italic;}h4{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Arial","sans-serif";color:#262626;font-weight:bold;}h5{margin-top:12.0pt;margin-right:0cm;margin-bottom:3.0pt;margin-left:50.4pt;text-align:justify;text-indent:-50.4pt;line-height:120%;font-size:9.0pt;font-family:"Arial","sans-serif";font-weight:bold;text-decoration:underline;}h6{margin-top:12.0pt;margin-right:0cm;margin-bottom:3.0pt;margin-left:57.6pt;text-align:justify;text-indent:-57.6pt;line-height:120%;font-size:9.0pt;font-family:"Arial","sans-serif";font-weight:bold;text-decoration:underline;}p{margin-right:0cm;margin-left:0cm;text-align:justify;font-size:12.0pt;font-family:"Times New Roman","serif";}ol{margin-bottom:0cm;}ul{margin-bottom:0cm;}link{ color: #0563C1 } visited{ color: #954F72 } .hc{size:595.3pt 841.9pt;margin:72.0pt 72.0pt 72.0pt 72.0pt;}div.hc{}p.jr{margin-top:6.0pt;margin-right:0cm;margin-bottom:6.0pt;margin-left:42.55pt;text-align:justify;line-height:15.0pt;font-size:10.0pt;font-family:"Segoe UI","sans-serif";margin-left: 0cm; text-align: center}span.jp{font-family:"Arial","sans-serif"}p.js{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";line-height: normal; margin-bottom: 0cm; text-align: center}span.jn{font-family:"Arial","sans-serif"; color:black}p.jt{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";font-div: italic; line-height: normal; margin-bottom: 0cm; text-align: center}span.jl{font-family: "Arial","sans-serif";color:black}p.ju{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal}span.jj{font-size:10.0pt;font-family:"Arial","sans-serif"; color:black} p.jv{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";font-weight: bold; line-height: 110%; margin-bottom: 9.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 9.0pt; text-align: center}span.jh{font-size:11.0pt;line-height:110%;font-family:"Arial","sans-serif"; color:#171717}p.jw{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";line-height: 110%; margin-bottom: 9.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 9.0pt; text-align: center}p.jx{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";font-weight: bold; line-height: 110%; margin-bottom: 18.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 6.0pt; text-align: center}p.jy{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";margin-top:6.0pt;line-height:110%}span.jd{font-size:10.0pt;line-height:110%;font-family:"Arial","sans-serif"; color:black}span.jc{font-size:10.0pt;line-height:110%; font-family:"Arial","sans-serif";color:#171717}span.jb{font-size:10.0pt;line-height:110%;font-family:"Arial","sans-serif"; color:#171717}span.ja{font-size:10.0pt;line-height: 110%;font-family:"Arial","sans-serif";color:#171717}p.jz{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:36.0pt;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";margin-top:6.0pt;margin-right:0cm;margin-bottom: 6.0pt;margin-left:18.0pt;text-indent:-18.0pt;line-height:110%} span.iy{font-size:10.0pt;line-height:110%;font-family:Symbol; color:#171717}span.ix{font-size:10.0pt; line-height:110%;font-family:"Arial","sans-serif";color:#171717}p.ka{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:36.0pt;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";margin-top:6.0pt;margin-right:0cm;margin-bottom: 6.0pt;margin-left:54.0pt;text-indent:-18.0pt;line-height:110%}span.iv{font-size:10.0pt;line-height:110%;font-family:"Courier New"; color:#171717}p.kb{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:36.0pt;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";margin-top:6.0pt;margin-right:0cm;margin-bottom: 6.0pt;margin-left:18.0pt;line-height:110%}span.it{font-size: 10.0pt;line-height:110%;font-family:"Arial","sans-serif";color:#171717}p.kc{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:36.0pt;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";margin-top:6.0pt;text-indent:-18.0pt; line-height:110%}span.ir{font-size:8.0pt;line-height:110%; font-family:"Arial","sans-serif";color:#171717}p.kd{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";margin-top:6.0pt;margin-right:0cm;margin-bottom:3.0pt; margin-left:0cm;line-height:110%}span.ke{color: #161616; font-family: "Arial","sans-serif"; font-size: 10.0pt; font-weight: bold; line-height: 110%} span.kf{color: #171717; font-family: "Arial","sans-serif"; font-div: italic}p.kg{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";font-div: italic; line-height: 110%; margin-top: 6.0pt}p.kh{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";font-weight: bold; line-height: 110%; margin-top: 6.0pt}span.il{font-size:10.0pt;line-height:110%;font-family:"Arial","sans-serif"}p.ki{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";font-weight: bold; line-height: 150%; margin-top: 6.0pt}span.ij{font-size:10.0pt;line-height:150%;font-family:"Arial","sans-serif"}table.kj{width:447.2pt;margin-left:.1pt}tr.ib{height:7.4pt}td.if{width:192.05pt;padding:0cm 0cm 0cm 0cm;height:7.4pt}p.kk{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";font-weight: bold; line-height: 150%; margin-bottom: 0cm; text-align: left} span.ih{font-size:10.0pt; line-height:150%;font-family:"Arial","sans-serif"}td.id{width:5.0cm;padding:0cm 0cm 0cm 0cm;height:7.4pt}p.kl{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";line-height: 150%; margin-bottom: 0cm; text-align: left}td.ic{width:4.0cm;padding:0cm 0cm 0cm 0cm;height:7.4pt}tr.hx{height:3.3pt}td.ia{width:192.05pt;padding:0cm 0cm 0cm 0cm;height:3.3pt}td.hz{width:5.0cm;padding:0cm 0cm 0cm 0cm;height:3.3pt}td.hy{width:4.0cm;padding:0cm 0cm 0cm 0cm;height:3.3pt}p.km{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";margin-bottom:0cm;margin-bottom:.0001pt;line-height: 150%}span.hw{font-size:10.0pt;line-height:150%;font-family: "Arial","sans-serif"} span.hu{font-size:10.0pt; line-height:150%;font-family:"Arial","sans-serif";color:black}tr.hq{height:4.55pt}td.ht{width:192.05pt;padding:0cm 0cm 0cm 0cm;height:4.55pt}td.hs{width:5.0cm;padding:0cm 0cm 0cm 0cm;height:4.55pt}td.hr{width:4.0cm;padding:0cm 0cm 0cm 0cm;height:4.55pt}div.hm{border:none;border-bottom:solid windowtext 1.5pt;padding:0cm 0cm 1.0pt 0cm}p.kn{margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;line-height:120%;font-size:9.0pt;font-family:"Segoe UI","sans-serif";margin-top:6.0pt;line-height:130%;border:none; padding:0cm}span.ho{font-size:10.0pt;line-height:130%; font-family:"Arial","sans-serif"}p.ko{margin-right:0cm;margin-left:0cm;text-align:left;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:0cm;margin-right:0cm;margin-bottom:6.0pt; margin-left:0cm;text-align:justify;line-height:110%;background:white}span.kp{font-family: "Arial","sans-serif"; font-size: 10.0pt; font-weight: bold; line-height: 110%} p.kq{margin-right:0cm;margin-left:0cm;text-align:left;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;background:white}span.hj{font-size:10.0pt;font-family:"Arial","sans-serif";color:#171717}span.hh{font-size:10.0pt; font-family:"Arial","sans-serif";color:#171717}p.kr{margin-right:0cm;margin-left:0cm;text-align:left;font-size:12.0pt;font-family:"Times New Roman","serif";text-align:justify;background:white}span.ks{font-size:10.0pt;font-family:"Arial","sans-serif"; color:#171717}span.hf{font-size:10.0pt; font-family:"Arial","sans-serif"}p.kt{margin-right:0cm;margin-left:0cm;text-align:left;font-size:12.0pt;font-family:"Times New Roman","serif";margin-top:12.0pt;margin-right:0cm;margin-bottom:6.0pt; margin-left:0cm;text-align:justify;line-height:110%}span.he{font-family: "Arial","sans-serif"} /**/
RNS Number : 6776R
Bushveld Minerals Limited
30 October 2019
 

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.

 

 

30 October 2019

Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

R375 million Debt Facilities Secured

Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer, with ownership of high grade vanadium assets in South Africa, is pleased to announce that it has secured R375 million (approximately US$25 million) in debt facilities through its subsidiary Bushveld Vametco Alloys Proprietary Limited ("the Borrower") with Nedbank Limited (acting through its Nedbank Corporate and Investment Banking division), a South African based financial institution, in the form of a R250 million loan and a R125 million revolving credit facility.

 

·      Key highlights of the R250 million loan:

Five-year amortising loan;

Interest rate calculated using the three year or six months JIBAR1 as selected by the Company plus a 3.4% margin;

Interest payments are due semi-annually with first payment due in six months from financial close;

Principal repayments will be made semi-annually in arrears over four years in eight equal instalments, with first payment due 18 months after financial close.

·      Key highlights of the R125 million revolving credit facility:

Three-year term;

Interest rate calculated using the three year or six months JIBAR1 as selected by the Company plus a 3.6% margin;

Interest payments are due semi-annually with first payment due in six months from financial close.

·      The security provided is customary for a secured financing of this nature, including cession of shares in the Borrower, security over the assets of the Borrower, and a parent guarantee.

·      Both facilities are subject to market related arranging and commitment fees.

 

1      The three month and six-month JIBAR as at 24 October 2019 is 6.78% and 7.23% respectively.

 

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented: 

"We are pleased to announce the successful conclusion of the debt facility discussions. The funding provides additional flexibility for our business as we advance strategic initiatives at Bushveld Vanadium and Bushveld Energy.

The Company is committed to maintaining a conservative balance sheet and believes shareholders will benefit from the improved capital structure."

 

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

 

 

Abigail Wayne / Richard Parlons

 

 

 

 

 

BMO Capital Markets Limited

Joint Broker

+44 (0) 20 7236 1010

Jeffrey Couch / Tom Rider

Michael Rechsteiner / Neil Elliot

 

 

 

 

 

Peel Hunt LLP

Joint Broker

+44 (0) 20 7418 8900

Ross Allister/ James Bavister

 

 

David McKeown

 

 

 

 

 

Tavistock

Financial PR

+44 (0) 20 7920 3150

Charles Vivian / Gareth Tredway

 

 

 

 

 

Brunswick

Financial PR (South Africa)

+27 (0) 11 502 7300

Miyelani Shikwambana

 

 

 

 

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 project developer and component manufacturer. 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, may be 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.
 
END
 
 
MSCBSBDGISXBGCG

Quick facts: Bushveld Minerals Ltd

Price: 21.75

Market: LSE
Market Cap: £250.77 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Investor Update: Bushveld Minerals granted mining permit for Mokopane

Headlines from the Proactive UK newsroom. Bushveld Minerals (LON:BMN) has been granted a mining permit for its Mokopane deposit in South Africa.  Mokopane is one of the world's largest primary vanadium resources.  Shield Therapeutics (LON:STX) is to present data further...

on 22/10/19