Finalización de la refinanciación de pagarés de préstamo convertibles
Divulgación del Reglamento de Abuso de Mercado ("MAR")
Este anuncio contiene información privilegiada a los efectos del artículo 7 del Reglamento de abuso de mercado (UE) 596/2014, ya que forma parte de la legislación nacional del Reino Unido en virtud de la Ley de la Unión Europea (Retirada) de 2018 ("MAR"), y se divulga de acuerdo con las obligaciones de la Compañía bajo el Artículo 17 del MAR.
Bushveld Minerals Limited
("Bushveld" o la "Compañía")
Finalización de la refinanciación de pagarés de préstamo convertibles
01 de febrero de 2024
Bushveld Minerals Limited (AIM: BMN), the primary vanadium producer, is pleased to announce that, further to the announcements on 5 May and 27 November 2023, it has completed the refinancing of its unsecured convertible loan notes issued to OMF Fund III (F) Ltd. ("Orion") dated 29 September 2020. The Company has refinanced its convertible debt obligations of US$47.1 million (including accrued interest) (the "CLN Balance") as follows:
§ US$4.7 million of the convertible debt obligations capitalised into a subscription for 124,747,016 new ordinary shares. Orion was issued with 124,267,747 shares on 27 December 2023, the remaining balance of 479,269 shares will be issued on or around 6 February 2024.
§ A new convertible loan note of US$14.1 million maturing on 30 June 2028.
§ A term loan of US$28.3 million maturing on 30 June 2026.
§ Supplemental royalty at not more than 0.264% of Bushveld's gross revenues and reducing by 80% at the term loan maturity.
Craig Coltman, director ejecutivo de Bushveld Minerals, comentó:
"I am pleased to announce all conditions set out on the definitive agreement with Orion were met and the refinancing transaction is now completed. We thank Orion for their ongoing support towards the Company."
Key Terms of the Refinancing
§ 10% of the CLN Balance (US$4.7 million) capitalised into a subscription for 124,610,082 shares in Bushveld at 3.00p per share, a 48% premium to the 20-day weighted average share price (as at 24 November 2023).
§ 30% of the CLN Balance (US$14.1 million) to remain as a convertible loan note with the following revised terms ("New CLN"):
· Interés: 12% anual.
· Conversion price: 3.99p.
· Maturity Date: 30 June 2028.
· Bushveld shall has a one-time right to redeem 50% (in whole and not in part) of the New CLN (principal and interest) on 30 June 2026, subject to the right of Orion to elect instead to covert the amount.
§ 60% of the CLN Balance (US$28.3 million) will be converted into a secured term loan ("Term Loan") on the following terms:
· Interest: 6.0% ("Margin") plus the greater of (I) 3-month Secured Overnight Financing Rate ("SOFR") and (ii) 3.0% per annum.
· Interest payable quarterly in arrears in cash starting from the last business day of the quarter in which the closing of the transaction occurs and on the last business day of each quarter thereafter. In the event that the Company has insufficient cash available to pay interest on its due date, the interest due on that date shall continue to accrue. While there is a continuing default, the Margin will be increased by 3%.
O Principal repayments structured to:
a. 25% of the Term Loan (US7.1 millones de dólares) to be repaid by 30 June 2024.
b. 30% of the Term Loan (US$8.5 million) to be repaid by 30 June 2025.
c. 45% of the Term Loan (US$12.7 million) to be repaid by 30 June 2026.
· La Préstamo a plazo may be prepaid in whole or in part at any time. Prepayment is subject to the following early redemption fee schedule based on the outstanding balance at the time of prepayment.
o Prior to 30 June 2024: 4%.
o After 30 June 2024 until 30 June 2025: 3%.
o After 30 June 2025 until 30 June 2026: 2%.
§ Supplemental royalty, on the same terms as the existing Production Financing Agreement (as amended), a excepción de lo siguiente:
· Realeza payment rate of 0.264% with a realised price per kgV of less than US$47/kgV.
· Realeza payment rate of 0.216% with a realised price per kgV of greater than US$47/kgV.
· The later of 30 June 2027 and when the Term Loan has been fully repaid, the repayment rate will reduce by 80% and shall be payable for the life of the Vametco operation.
Admisión, Liquidación y Derechos Totales de Voto
An application has been made to the London Stock Exchange for the additional 479,269 Orion Shares to be admitted to trading on AIM. It is expected that Admission will become effective on or around 6 February 2024.
Tras la Admisión, habrá un total de 2,311,692,407 Acciones Ordinarias en emisión, de las cuales 670,000 se mantendrán en tesorería. Los accionistas deben utilizar la cifra de 2,311,022,407 como denominador para los cálculos mediante los cuales determinarán si están obligados a notificar su interés o un cambio en su interés en la Compañía, según las Reglas de Divulgación y Transparencia de la FCA.
EXTREMOS
Consultas: GME@dhr-rgv.com
Bushveld Minerals Limited | +27 0 11 268 6555 | |
Craig Coltman, Chief Executive Officer | ||
Chika Edeh, jefa de relaciones con inversores | ||
SP Ángel Finanzas Corporativas LLP | Asesor designado y conjunto Broker | +44 0 20 3470 0470 |
Richard Morrison / Charlie Bouverat | ||
Grant Barker/Richard Parlons | ||
Hannam y socios | Conjunto Broker | +44 0 20 7907 8500 |
Andrew Chubb / Matt Hasson / Jay Ashfield | ||
Tavistock | PR financiera | +44 0 207 920 3150 |
Gareth Tredway / Tara Vivian-Neal / James Whitaker |
ACERCA DE BUSHVELD MINERALS LIMITED
Bushveld Minerals es un productor primario de vanadio, es uno de los tres únicos productores primarios de vanadio en funcionamiento, con una cartera diversificada de productos de vanadio que satisface las necesidades de los sectores del acero, la energía y el químico.
Se puede acceder a información detallada sobre la Compañía y el progreso hasta la fecha en el sitio web www.bushveldminerals.com
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