Bushveld Minerals Ltd’s (LON:BMN) game-changing acquisition of Strategic Minerals Corporation from Evraz Group has moved a step closer.
Bushveld Vametco and Evraz have both commenced preparations for the completion of the transaction by the long stop date of 31 March 2017.
The diversified mineral development company revealed that Bushveld Vametco, in which Bushveld has a 45% stake, has secured unconditional approval from the Competition Commission for the transaction.
Bushveld shares rose 22% on the news to 3.1p.
An application for ministerial consent has been lodged and is currently being evaluated.
Busvheld Vametco has secured funding support for the balance of the acquisition comprising debt and mezzanine debt instruments in respect of which it has signed term sheets. Bushveld Vametco is in advanced stages of negotiating definitive legal agreements, Bushveld Minerals said.