Exchange Control Approval received for US$30 million Production Financing Agreement with Orion Mine Finance

Bushveld Minerals Limited (AIM: BMN), the AIM quoted, integrated primary vanadium producer and energy storage provider, with ownership of high-grade assets in South Africa, is pleased to announce receipt of Exchange Control authorisation from the South African Reserve Bank Financial Surveillance Department, a key condition for the completion of the US$30 million Production Financing transaction with Orion Mine Finance (‘Orion’) announced on 30th September 2020.

The remaining material conditions outstanding before completion are:

• Execution and delivery of certain security documents to Orion;
• Provision of certain legal opinion(s) in relation to the Borrower and each of its guarantors; and
• Agreeing revised terms or prepayment with Nedbank in relation to the Nedbank Financing (including all amendments required to the Finance Documents in a form approved by Orion).

For further details of the Orion agreement refer to the Bushveld Minerals announcement on 30th September 2020.

Fortune Mojapelo, CEO of Bushveld Minerals Limited, commented:

“Exchange Control authorisation from the South African Reserve Bank Competition Commission marks a key milestone in completing this transaction. Progress is being made in respect to the remaining conditions and we will update the market accordingly.”

In the interview below with Bushveld CEO Fortune Mojapelo, we learn how demand for the metal is set to increase and how the Energy Division acts as a “natural hedge” to the share price volatility.