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Bushveld Minerals issues £2.85mln of new shares to Darwin

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Bushveld Minerals (LON:BMN) has confirmed that £2.85mln worth of new shares have now been issued to Darwin Strategic.

According to the terms of the Darwin funding deal, announced last week, Bushveld has issued 50mln new shares priced at 5.7p each.

The funding arrangements, which will see money released to Bushveld over the course of the next 12 months, was agreed at the same time as the company struck a deal to acquire the majority of a tin tailings dump that could be the catalyst for early production from its Mokopane project in South Africa.

Bushveld is paying £559,470 for 87% of the Zaaiplaats tailings, estimated to contain between 2,600 and 4,500 tonnes of tin.

A technical due diligence and evaluation of the old tailings dumps, set to take two months, started on March 20.

Quick facts: Bushveld Minerals Ltd

Price: 12.5 GBX

LSE:BMN
Market: LSE
Market Cap: £144.12 m
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