Bushveld subsidiary acquires minority interest in Uis tin project

Vanadium producing company Bushveld Minerals, announced on Thursday that, further to the announcement it made on 4 April, all the conditions precedent to the agreement entered into to by its wholly owned subsidiary Greenhills Resources to acquire a 49.5% interest in Dawnmin Africa Investments from a consortium of Namibian shareholders had now been fulfilled, and accordingly the acquisition had completed.

The AIM-traded firm said Dawnmin's interest in the Uis tin project was held through its 85% shareholding of Guinea Fowl Investments 27.

It confirmed the remaining 15% shareholding in Guinea Fowl was held by the Small Miners of Uis, a Namibian Government entity.

In accordance with the terms of the agreement, 41 million ordinary shares of 1p each in Bushveld had been issued to the sellers.

It was expected those shares would be admitted to trading on AIM by 21 June.

“The completion of the Uis tin project acquisition by Greenhills is a very significant step in delivering our strategy of establishing Greenhills as an attractive standalone platform, with options for listing Greenhills currently being considered by the company,” said Bushveld CEO Fortune Mojapelo.

“We will continue to build a critical mass of tin resources in Greenhills offering exposure to a pan-African tin portfolio with a near term production profile.

“We look forward to providing further updates as appropriate.”