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Market Abuse Regulation (MAR) Disclosure
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.
14 March 2018
Bushveld Minerals Limited
("Bushveld Minerals" or the "Company")
Exercise of Convertible Bonds
Bushveld Minerals announces that it has received notice from Atlas Special Opportunities, LLC ("Atlas") to exercise £725,000 of convertible bonds into 8,809,234 ordinary shares of 1 pence each of the Company ("Ordinary Shares") at a conversion price of 8.23 pence each. The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares. Following this exercise, Atlas holds a total of £4,275,000 Convertible Bonds.
Application has been made for admission of these 8,809,234 new Ordinary Shares to trading on AIM ("Admission") and it is expected that Admission and dealings in the Ordinary Shares will commence at 8.00 a.m. on 20 March 2018.
Following Admission, there will be a total of 908,584,690 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 907,914,690 as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the FCA's Disclosure and Transparency Rules.
ABOUT BUSHVELD MINERALS LIMITED
Bushveld Minerals is an AIM listed integrated vanadium producer with additional investments in coal, power and tin.
The Company's flagship vanadium platform includes a 59.1% controlling interest in Bushveld Vametco Alloys (Pty) Ltd a primary vanadium mining and processing company; the Mokopane Vanadium Project and the Brits Vanadium Project. The coal platform comprises the wholly-owned Imaloto Coal Project, which is being developed as one of Madagascar's leading independent power producers. The Company's tin interests are held through its shareholding in AIM listed AfriTin Mining Limited.
Bushveld's vision is to become a significant, low cost, integrated primary vanadium producer through owned 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 solutions provider. 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.
The Company's approach to project development recognises that, whilst attractive project economics are imperative, they are 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.
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