Demerger Update

Released : 08 Nov 2017 07:00

RNS Number : 8526V
Bushveld Minerals Limited
08 November 2017

8 November 2017


Bushveld Minerals Limited

("Bushveld Minerals" or the "Company")

Demerger Update - Distribution of AfriTin Mining Limited's shares

Bushveld Minerals (AIM: BMN), a diversified mineral development company with a portfolio of vanadium, tin and coal assets in Southern Africa, announces an update to the demerger timetable following the announcement on 23 October 2017. As described in the Company's circular to shareholders dated 02 October 2017 (the "Circular"), the demerger constitutes a sub-division of ordinary shares in the Company into ordinary shares and redeemable shares representing 85% of the deemed value of Greenhills Resources Limited ("Greenhills"), with the redeemable shares being redeemed for such deemed value in return for the Company transferring 85% of Greenhills to AfriTin Mining Limited ("AfriTin Mining"), and AfriTin Mining issuing Bushveld Shareholders with new AfriTin Shares. The remaining 15%  is retained by the Company and which on admission to AIM ("Admission") of AfriTin Mining is be exchanged for AfriTin Mining shares.

Bushveld Minerals shareholders should note that, for each ordinary share held in Bushveld Minerals, Bushveld Minerals shareholders will be issued approximately 0.0899 of a AfriTin Mining share (rather than 1 AfriTin Mining Share as envisaged in the Circular). This change has been made to avoid AfriTin having too large a number of shares in issue and thus ensure that the number of issued AfriTin Mining shares and their pricing are in line with market practice and expectation.  Nevertheless such new AfriTin Mining shares will be issued to Bushveld Minerals Shareholders in the same proportion (as near as practicable) in which the Bushveld Minerals Ordinary Shares are held by them at the record time for the Demerger. Bushveld Minerals shareholders will therefore hold the same interest in AfriTin Mining as they do in Bushveld Minerals, prior to any further share issuances that will occur upon Admission of Afritin Mining (such as the proposed placing of new AfriTin Mining shares).

The proposed issue of new AfriTin Mining Share is as per the timetable below:

·     Redemption Date: 9 November 2017

·     Demerger Record Date: 8 November 2017

·     Payment Date: 9 November 2017

After the issue of new equity in AfriTin Mining it is anticipated that, on admission to AIM, Bushveld Minerals and the Bushveld shareholders will hold a combined interest of 41.9% in AfriTin Mining.

Further updates will be provided as appropriate.

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.


Bushveld Minerals

Fortune Mojapelo                                                                       +27 (0) 11 268 6555

SP Angel Corporate Finance

Ewan Leggat                                                                             +44 (0) 20 3470 0470

Beaufort Securities

Jon Belliss                                                                                +44 (0) 20 7382 8300


Tim Blythe / Camila Horsfall                                                        +44 (0) 20 7138 3204

Gabriella von llle                                                                         +27 (0) 711 121 907



Bushveld Minerals is a diversified AIM listed mineral development company with a portfolio of vanadium, iron ore, tin and coal assets in Southern Africa and Madagascar.  The Company's flagship platform, the vanadium platform, includes the Mokopane Vanadium Project, the Brits Vanadium Project, and the Bushveld Iron Ore & Titanium Project. The tin platform comprises the Mokopane Tin Project whereas the Imaloto Coal Project, which is being developed as one of Madagascar's leading independent power producers, makes up the Company's coal platform.

The Company's vision is to become a significant low cost integrated primary vanadium producer through owned low-cost 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 a slow growing steel industry, Bushveld Minerals believes there is a strong potential for imminent significant global vanadium demand surge from the fast-growing energy storage market, particularly through the use and adoption of Vanadium Redox Flow Batteries.

Bushveld Minerals' 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 with a visible timeframe, low capex requirements and scalability are important factors in retaining an attractive exit option. This philosophy is core to the Company's strategy in developing projects.

Detailed information on the Company and progress to date can be accessed on the website:



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