Our Energy and Natural Resources team has acted for SP Angel Corporate Finance LLP and Alternative Resource Capital as joint brokers on a secondary fundraising for AIM-listed Bushveld Minerals Limited to raise gross proceeds of up to US$22.2 million.
The placing comprised of 152,749,172 new ordinary shares at a price of 10.3 pence per share with leading institutional and mining investors. The proceeds of the placing will be used to redeem an outstanding convertible bond and support Bushveld's vanadium expansion programme at the Vametco mine and Brits Project for future production. Vanadium prices have recently rocketed due to its emerging potential as a storer of renewable energy in vanadium redox flow batteries.
This instruction comes on the back of the Energy and Natural Resources team acting for SP Angel on Bushveld's reverse takeover of Bushveld Vametco Limited and readmission to AIM in December 2017.
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