Bushveld Minerals Limited (AIM:BMN, OTC:BSHVF) shares soared in Thursday morning’s deals as it confirmed the closing of a vital refinancing.
The vanadium producer company has successfully rearranged US$47.1 million of convertible debt with Orion – via the vehicle OMF Fund III (F) Ltd.
It converted US$4.7 million into shares, with 124.74 million new shares issued, and has issued a new convertible loan note for US$14.1 million.
Also, it has arranged a new term loan for US$28.3 million due to mature on 30 June 2026.
"I am pleased to announce all conditions set out on the definitive agreement with Orion were met and the refinancing transaction is now completed,” chief executive Craig Coltman said in a statement.
“We thank Orion for their ongoing support towards the company."
In London, Bushveld shares were up around 50% on Thursday, changing hands at 1.61p each.