Bushveld Minerals Limited Strategic Minerals Corporation acquisition (4683Q)
November 30 2016 - 2:00AM
UK Regulatory
TIDMBMN
RNS Number : 4683Q
Bushveld Minerals Limited
30 November 2016
Bushveld Minerals Limited
30 November 2016
30 November 2016
Bushveld Minerals Limited
("Bushveld" or "the Company")
SA Competition Commission approves Strategic Minerals
Corporation acquisition
Bushveld Minerals Limited (AIM: BMN), a diversified mineral
development company with projects in South Africa and Madagascar,
is pleased to announce the Competition Commission of South Africa
has completed its investigation and unconditionally approved
Bushveld Vametco Limited's acquisition of Strategic Minerals
Corporation ("SMC"), in accordance with section 14(1)(b) of the
Competition Act.
The Company is making good progress in securing the financing
for the completion of the acquisition and to secure the fulfilment
of the remaining conditions precedent which include obtaining
approval from Bushveld shareholders and the waiver or lapse of
Sojitz Corporation's pre-emption rights to acquire the SMC
shares.
Further updates will be provided as appropriate.
Fortune Mojapelo, CEO of Bushveld Minerals, commented:
"We are pleased this significant milestone in fulfilling
conditions precedent for the SMC acquisition has been completed
within the expected time frame. The approval is supportive of
Bushveld's efforts to complete the transaction as soon practically
possible."
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulations (EU) No. 596/2014.
Enquiries: info@bushveldminerals.com
Bushveld Minerals
Fortune Mojapelo +27 (0) 11 268 6555
Beaufort Securities
Jon Bellis +44 (0) 20 7382 8300
Strand Hanson
Andrew Emmott +44 (0) 20 7409 3494
Blytheweigh
Tim Blythe / Camila Horsfall +44 (0) 20 7138 3204
Gabriella von llle +27 (0) 711 121 907
ABOUT BUSHVELD MINERALS LIMITED
The Company's vision is to become the largest 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 an 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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