Admission to AIM of AfriTin Mining Limited

Released : 09 Nov 2017 07:00

RNS Number : 9873V
Bushveld Minerals Limited
09 November 2017
 

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.

 

9 November 2017

Bushveld Minerals Limited

("Bushveld" or the "Company")

Admission to AIM of AfriTin Mining Limited

 

Bushveld Minerals Limited (AIM: BMN), a diversified mineral development company with a portfolio of vanadium, tin, coal assets and other interests in Southern Africa, is pleased to announce the admission of AfriTin Mining Limited's ("AfriTin Mining") Ordinary Shares (AfriTin Mining Shares) to trading on the AIM market of the London Stock Exchange.  Dealings in AfriTin will commence at 8.00 am today.

Anthony Viljoen will become the Chief Executive Officer of AfriTin Mining and as such will stand down as an executive director at Bushveld with immediate effect. However, he will remain on the board of the Company as a non-executive director.

Upon Admission to AIM, Bushveld will own a total of 51,995,342 AfriTin Mining Shares, representing 17.48 per cent of the issued share capital of AfriTin Mining, which at the issue price of 3.9p, is valued at approximately £2.0 million. A further 24.39 per cent of the issued share capital of AfriTin Mining will be distributed to the Bushveld shareholders on the register as at the close of business on 08 November 2017.

AfriTin Mining's Admission Document is available on the company's website: www.afritinmining.com

 

Fortune Mojapelo, CEO of Bushveld Minerals, said: "With this milestone, we have fulfilled our promise to shareholders to develop the necessary critical-mass for a stand-alone tin company with a near-term production profile and a perfect opportunity to grow into the African tin champion. This is the culmination of significant work done over the years.

"We are delighted to have AfriTin listed on the AIM Market. As a substantial and committed shareholder, Bushveld will remain supportive of AfriTin. Congratulations to Anthony and his team; we wish them well for the future."

 

Enquiries: info@bushveldminerals.com

Bushveld Minerals

+27 (0) 11 268 6555

Fortune Mojapelo




SP Angel Corporate Finance LLP

+44 (0) 20 3470 0470

Nominated Adviser & Joint Broker


Ewan Leggat




Beaufort Securities

+44 (0) 20 7382 8300

Joint Broker


Jon Belliss




Blytheweigh


Financial PR


Tim Blythe / Nick Elwes

+44 (0) 207 138 3204



Gabriella von Ille

+27 (0) 711 121 907

 

Notes to editors

Bushveld Minerals is an AIM listed mineral project development company with a portfolio of vanadium, tin and coal assets in Southern Africa, including interest in a vanadium-producing operation. 

The Company's flagship platform, the vanadium platform, includes the Mokopane Vanadium Project, the Brits Vanadium Project, and an interest in Bushveld Vametco Alloys primary vanadium mining and processing company. 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 interest is 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 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 strong potential for an imminent, 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 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: www.bushveldminerals.com

- ENDS -


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