26/03/2012 The London Stock Exchange welcomes Bushveld Minerals to AIM
The London Stock Exchange welcomes Bushveld Minerals Limited to the AIM market this morning, Monday 26th March. Bushveld will commence trading on AIM at 8.00 a.m. today after a placing raised gross proceeds of £4.86 million. Pursuant to the placing, the company has issued 28,665,000 new ordinary shares of no par value at 20p each to a broad base of institutional and other investors following a roadshow across the United Kingdom. Based on the Placing Price, the market capitalisation of Bushveld immediately following completion of the Placing and Admission will be approximately £56.7million. Fox-Davies Limited acted as Bushveld’s Nominated Adviser and broker.
Bushveld is a mineral development company focused on exploring and developing mineral projects on the Bushveld Complex in South Africa. The Company’s primary project is the Bushveld Iron Ore Project and in addition the Company holds the Mokopane Tin Project, both located on the northern limb of the Bushveld Complex.
The Bushveld Complex is approximately 66,000 square kilometre metallogenic province hosting deposits that rank among the world’s top three largest for platinum group metals, chrome and vanadium. The province also hosts significant resources of tin, fluorspar, uranium and Ti-magnetite.
The management team believes that the Bushveld Complex continues to provide a substantial number of geological targets especially across iron ore commodities. The management team will seek to identify opportunities in the Bushveld Complex that are capable of rapid development due to the well understood mineralisation in the Bushveld Complex. The Group has focused on the exploration of iron ore and tin projects following due diligence on a number of projects. The Directors believe that the Company’s iron ore and tin projects provide the potential for substantial value creation based on the first phase drilling in 2010 and 2011 and further exploration programmes planned for 2012.
Fortune Mojapelo, chief executive of Bushveld, commented: “We are confident that the experienced management team that we have assembled, combined with the highly attractive project fundamentals of location, infrastructure along with our highly experienced geological team, render this project an extremely exciting one for investors and we look forward to bringing it to market.”
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