Bushveld conditionally raises $22m

26th March 2018

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer


Font size: - +

JOHANNESBURG ( – Aim-listed Bushveld Minerals has conditionally raised about $22.2-million, before expenses, by way of an oversubscribed placing of 152.75-million new ordinary shares at a price of 10.3p a share with leading institutional and mining investors.

The placing shares will represent about 14.4% of the company's issued share capital on admission.

The proceeds will be used to redeem the outstanding $6.3-million Atlas Capital Convertible Bond and $9-million will be spent on simplifying Bushveld’s organisational and corporate structure to improve Bushveld’s exposure to the underlying cash flows of its assets.

A further $5.6-million of the proceeds will also be used to support Bushveld's vanadium expansion programme at the Vametco mine and the Brits project for future production.

“We are delighted by the response from investors to this capital raise which was significantly oversubscribed. We are particularly pleased to welcome to the company a consortium of highly experienced mining investors, as well as several leading UK institutional investors who buy into and support our ambitions to build a significant low cost and integrated primary vanadium company,” Bushveld CE Fortune Mojapelo commented.

He added that the capital raise will allow the company to improve its capital and corporate structure and to enhance the company's proximity to its underlying cash generating assets as it continues to develop its growth opportunities.

“We are grateful to the existing Bushveld shareholders who have continued to support the company,” he noted.

The placing was led by a consortium of cornerstone investors, including the original founders of Mimosa Platinum and LionOre Mining International, as well as the key investors in Mantra Resources at its inception.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online



Universal Storage Systems (SA)
Universal Storage Systems (SA)

South African leader in Steel -Racking, -Shelving, and -Mezzanine flooring. Universal has innovated an approach which encompasses conceptualising,...

Sandvik Mining and Rock Solutions
Sandvik Mining and Rock Solutions

We engineer an extensive range of underground drill rigs for mining development and production. Available in a variety of feed lengths, boom...


Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (01/12/2023)
1st December 2023
Photo of Martin Creamer
Jupiter Mines, Copper 360 and DRDGold make headlines
1st December 2023
Magazine round up | 01 December 2023
Magazine round up | 01 December 2023
1st December 2023

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?







sq:0.205 0.239s - 88pq - 2rq
Subscribe Now