VRFB-H Investment Update - Clarification

RNS Number : 9909Y

Mustang Energy PLC

19 January 2022

 

Wednesday 19 January, 2022

Mustang Energy PLC

VRFB-H Investment Update - Clarification

Mustang Energy PLC (the "Company"), the special purpose acquisition company, provides the following clarification to the update released earlier today.

The Company advised that Primorus Investments Plc ("Primorus") had elected to sell all its Convertible Loan Notes ("CLNs"), comprising a principal amount of US$2,500,000 and accrued and unpaid interest thereon (the "PRIM CLNs").  The following is a more accurate description of that transaction.

Primorus has elected to sell US$1.0 million of its CLNs, together with accrued and unpaid interest thereon, to certain other existing CLN noteholders.  On 28 February 2022, Primorus has the option (the "Primorus Option"), at its sole discretion, to: (i) convert the outstanding PRIM CLNs into new shares in the capital of the Company; or (ii) transfer the outstanding PRIM CLNs (plus accrued interest thereon) to Bushveld Minerals Limited ("Bushveld") and, at Bushveld's sole discretion, Bushveld shall either repay the PRIM CLNs (plus accrued interest thereon) to Primorus or enter into a convertible loan note (details of which are contained in Primorus's announcement of today's date). If Primorus elects to transfer the outstanding PRIM CLNs to Bushveld, it will also transfer to Bushveld the balance of its warrants to subscribe for new ordinary shares in the Company.

Until the Primorus Option is exercised, Primorus will continue to hold PRIM CLNs of a principal amount of US$1.5 million.

ENQUIRIES

For further information, please visit  www.mustangplc.com , follow us on Twitter @Mustang_Plc , or contact: 

Mustang Energy PLC Dean Gallegos, Managing Director [e-mail] [phone]

 

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