Bushveld Minerals Ltd - Vanadium producer operating the Vanchem and Vametco processing facilities in South Africa - Receives $2 million from Southern Point Resources Fund as final instalment of the $12 million interim working capital facility announced in May. Further, OMF Fund IIl will match the funds, subject to approval by the South African Reserve Bank, as part of its June agreement to match up to $10 million dollars in monies provided by SPR to Bushveld.
Chief Executive Officer Craig Coltman says: ‘I’m delighted to share that the company has successfully secured the final instalment of the $12 million working capital facility provided by SPR. This additional funding, along with the expected matched support from Orion, will significantly bolster our financial position by providing valuable working capital to pay down our creditors and improve the state of the corporate balance sheet, as well as continue progressing our turnaround initiatives at Vametco.’
Current share price: 0.69 pence
12-month change: down 71%
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