Bushveld Minerals Limited (LON:BMN), the integrated vanadium producer with additional investments in coal, power and tin, is pleased to provide an update in respect to the redemption of all of the outstanding unsecured convertible bonds previously issued to Atlas Special Opportunities, LLC, as announced on 25 September 2017.
Bushveld has, in line with its stated intentions at the time of its US$22 million placing in March 2018, fully redeemed the Convertible Bonds. The Convertible Bonds were settled in full for a final aggregate cash payment of £5.116 million, including interest and early redemption charges. The Company has received confirmation of settlement from Atlas.
Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented: “We are delighted to have redeemed the remaining convertible bond with Atlas, in line with our stated intention when we raised US$22 million placing in March 2018. We would also like to take this opportunity to thank the Atlas team for its support which provided the Company with the capital required at the time to build on our objectives and strategy of becoming one of the world’s largest, low-cost and integrated primary vanadium platforms. We now find ourselves in an optimum position to further develop and expand our business going into the second half of this year.”