Result of General Meeting

Bushveld Minerals Limited

27 December 2023

 

Market Abuse Regulation ("MAR") Disclosure

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. 

27 December 2023

Bushveld Minerals Limited

("Bushveld" or the "Company")

General Meeting Results

Bushveld Minerals Limited (AIM: BMN), the integrated primary vanadium producer, is pleased to announce that all ordinary and special resolutions put to shareholders at the General Meeting held earlier today were duly passed.

No.	Ordinary Resolution	Votes
		In Favour	Against	Withheld
1	To grant the Directors the authority to issue the New Shares, the BEE Consortium Pre-emption Shares and the SPR Option Shares and the maximum number of Orion Conversion Shares that may be issuable on an Orion Conversion in accordance with Article 8.3 of the Articles ("Resolution 1" of the circular)	779,492,174	11,854,933	927,811
2	To provide the flexibility to the Directors to issue shares from time to time and grant the authority until the next annual general meeting (unless such authority is revoked or renewed prior to such time) by authorising the Directors in accordance with Article 8.3 of the Articles to issue relevant securities up to an aggregate nominal amount equal to approximately one third of the Enlarged Share Capital ("Resolution 3" of the circular).	775,167,570	16,178,973	928,375
	Special Resolution
3	To grant the Directors the authority to issue the New Shares, the BEE Consortium Pre-emption Shares and the SPR Option Shares and the maximum number of Orion Conversion Shares that may be issuable on an Orion Conversion as if the pre-emption rights contained in Article 9.2 of the Articles did not apply to such issue ("Resolution 2" of the circular).	777,189,029	13,283,193	1,802,696
4	To disapply the pre-emption rights contained in Article 9.9 of the Articles in respect of the issuance of equity securities for cash pursuant to rights issues and other pre-emptive issues, and in respect of other issues of equity securities for cash up to an aggregate nominal value which equates to approximately 10 per cent of the Enlarged Share Capital ("Resolution 4" of the circular).	777,440,625	13,253,943	1,580,350

Admission, Settlement and Total Voting Rights

An application has been made to the London Stock Exchange for the 395,897,277  Fundraise Shares and 124,267,747 Orion Shares to be admitted to trading on AIM. It is expected that Admission will become effective and dealings in the Fundraise Shares and Orion Shares to be issued pursuant to the Fundraise will commence on or around 28 December 2023.

Following Admission, there will be a total of 2,311,213,138 Ordinary Shares in issue, 670,000 of which are held in treasury. Shareholders should use the figure of 2,310,543,138 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.

The new Ordinary Shares to be issued pursuant to the PrimaryBid Offer will be issued free of all liens, charges and encumbrances and will, on Admission, rank pari passu in all respects with the new Ordinary Shares to be issued pursuant to the Placing, the Subscription and the Company's existing Ordinary Shares.

Furthermore, as announced on 5 December 2023, Acacia  Resources Limited subscribed for 92,592,592 new ordinary shares of 1 pence each in the Company, which will be settled on or before 28 February 2024. A separate AIM application and announcement will be made regarding the admission of these shares to trading on AIM. 

Craig Coltman, CEO of Bushveld Minerals Limited, commented:

"I would like to thank the shareholders for voting in favour of all the resolutions. Your support is of utmost importance as the equity raise which will provide the necessary resources for the Company to meet its financial obligations, increase production and ensure stability."

Enquiries: [e-mail]

Bushveld Minerals Limited		[phone]
Craig Coltman, Chief Executive Officer
Chika Edeh, Head of Investor Relations
SP Angel Corporate Finance LLP	Nominated Adviser, Joint Broker & Joint Bookrunner	[phone]
Richard Morrison / Charlie Bouverat
Grant Barker / Richard Parlons
Hannam & Partners	Joint Broker & Joint Bookrunner	[phone]
Andrew Chubb / Matt Hasson / Jay Ashfield
Tavistock	Financial PR	[phone]
Gareth Tredway / Tara Vivian-Neal / James Whitaker

ENDS

ABOUT BUSHVELD MINERALS LIMITED

Bushveld Minerals is a vertically integrated primary vanadium producer, it is one of only three operating primary vanadium producers. In 2022, the Company produced more than 3,800 mtV, representing approximately three per cent of the global vanadium market. With a diversified vanadium product portfolio serving the needs of the steel, energy and chemical sectors.

Detailed information on the Company and progress to date can be accessed on the website www.bushveldminerals.com

 

END