Bushveld Minerals completes £0.75m placing

Bushveld Minerals announced on Friday that it has placed 53,571,430 new ordinary shares of 1p each in the company, at a price of 1.4p each, raising gross proceeds of £0.75m.

The AIM-traded firm said the placing coordinator, Beaufort Securities, has been issued 5,357,143 broker warrants exercisable at 2.8pand with an expiry period of three years from the date of issue.

It said the net proceeds of the placing will be used for general working capital purposes while the company finalises financing for the Vametco transaction, which is expected to be majority funded through debt.

“We are pleased to successfully complete this placing without the need for a roadshow due to existing demand at this exciting time from both existing and new investors ahead of finalising of the Vametco transaction which we look forward to updating the market on in the coming months,” said CEO Fortune Mojapelo.